FG lost $104bn to non-implementation of Deep Offshore PSC Act – Falana

Over $104 billion was lost by the Federal Government for its refusal to implement the Deep Offshore and Inland Basin Production Sharing Contract Act. This was disclosed by the Lagos-based legal luminary, Mr. Femi Falana (SAN), Thursday in Abuja.

According to Falana, who stated this at the 40th anniversary of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja, there was no reason for the country to fund developmental projects with loans if the oil and gas sector was well monitored. Speaking on the theme, ‘Dynamic Labour Leadership, Fueling the Economy,’ he challenged the labour unions, particularly PENGASSAN, to halt the financial hemorrhage in the industry.

Going down memory, Falana told the audience about the refusal and neglect of the successive governments to implement the Deep Offshore and Inland Basin Production Sharing Contract Act which could have fetched the country over $104 billion in royalty. “We are yet to get values for our investment in the oil and gas sector. This is why I am challenging PENGASSAN and NLC as well as other unions to galvanize their members to fight and help the NNPC recover millions of Dollars siphoned from the industry,” he said.

Source: The Sun

 

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