Senate probes $60bn losses arising from PSCs signed in 1993


The Senate has begun investigation into the alleged loss of about $60bn to the non-enforcement of the terms of Production Sharing Contracts (PSCs) signed between the Federal Government, through the Nigerian National Petroleum Corporation, and International Oil Companies in 1993, The Punch reports.

This followed the adoption of a motion entitled, ‘Need to Enforce the Terms of 1993 PSC Agreement between the lOCs and the Federal Government’, and moved by Senator Donald Alasoadura and co-sponsored by Senators Ahmadu Abubakar, Baba Kaka Bashir Garbai and Ali Wakili.

The upper chamber of the National Assembly mandated the Committee on Petroleum Resources (Upstream) to “investigate the implementation of Production Sharing Contract agreements of 1993 and determine the extent of revenue losses, and proffer lasting solutions to the problems of implementing the agreement.”