Niger Delta states sue FG over N500tr oil revenue loss

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Citing negligent execution of petroleum production contracts by multinationals operating in Nigeria, Bayelsa, Akwa Ibom and Rivers states have filed a suit at the Supreme Court against the Federal Government to challenge the loss of N500 trillion in oil revenue, The Guardian reports.

The plaintiffs are praying the apex court to compel the Federal Government to implement Section 162 of the 1999 Constitution as it relates to oil revenue generation and sharing among the component parts of the federation.

Luscious Nwosu, SAN instituted the suit on behalf of the three states at the Supreme Court. Justice Bode Rhodes Vivour, who led six others, fixed November 14 for hearing of the suit.