Nigeria: Production Sharing Contract - Government, Oil Majors Pass the Buck Over Nigeria's U.S.$62 Billion Cut

13 April 2021

Lagos — There is a cloud of uncertainty surrounding $62 billion outstanding taxes and royalties owed Nigeria by operating major oil companies in the country.

The federal government had in 2019 taken the step to recover as much as $62 billion (£50.6bn) from international oil companies using a 2018 Supreme Court ruling which, it said, enabled it to increase its share of income from production-sharing contracts (PSCs).

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