Nigeria: Govt Loses N7.6 Trillion to Faulty Oil Sector Agreements

14 December 2017

The Federal Government has lost $21 billion (about N7.6trn) to faulty agreements with international oil companies from 1993 to 2017.

Addressing State House reporters after the cabinet meeting yesterday, the Minister of State for Petroleum Resources, Ibe Kachikwu, said the loss was due to failure to act on the provision of Section 15 of the Production Sharing Contracts of the Deep Offshore Act.

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