Nigeria's Oil Industry - Removing the Shroud

editorial

Report that the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has thrown its weight behind President Muhammadu Buhari on the approval given to the Nigerian National Petroleum Corporation (NNPC) to enable it undertake a review of all Production Sharing Contracts (PSC) between it and its various partners to reflect current realities is a sad reflection of inattention to responsibility and good governance in the economic sector.

The Federal Government should not have waited at all for the RMAFC to nudge it to review all Production Sharing Contracts. In a recent statement, the frustrated revenue commission (RMAFC) said it had since called for the review of the Production Sharing Contracts as approved by the Federal Executive Council (FEC) at its meeting held on December 13, 2017. It is sad that the Commission was referring to a FEC decision eight months ago, another unfortunate case of executive procrastination.

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