THE Buhari Media Organisation, BMO, has decried the apathy of previous administrations in the country which led to the accumulation of $62 billion, which rightly belongs to the government and people of Nigeria, in the coffers of International Oil Companies, IOCs.
According to the organisation, the sum accrued to the Federal Government of Nigeria as its share of profits from Production Sharing Contract, PSC.
Praising President Muhammadu Buhari’s commitment to recovering the $62 billion from the IOCs, BMO said the previous government, whose nonchalance paved the way for the IOCs to keep the fund, deserve total condemnation.
In a statement signed by its Chairman, Niyi Akinsuji and Secretary, Cassidy Maduke, BMO said that this money, if shared equally among Nigerians, it would give each Nigerian a whopping N124 million.
“The Attorney-General’s office and the Justice Ministry have said that energy companies failed to comply with a 1993 contract-law requirement that the state receives a greater share of revenue when oil price exceeds $20 per barrel.
Computing the amount that should be credited to the Nigerian government if the law was effectively applied, translates to around $62 billion against the IOCs.
“We commend President Muhammadu Buhari for his genuine commitment to revitalizing the country’s state of affairs by further raising the bar in recovering this sum from the IOCs.
“The Federal Government decision to recover the backlog from the energy companies is backed by law dating back to the 1990s, which allows the government to review revenue sharing under oil production-sharing contracts.
“President Muhammadu Buhari has demonstrated sincere commitment to restoring the country’s good image where national reputation has become a real game changer in a globalized and super-connected world.
“This ‘Government of Revitalization’, unlike past governments that slept on their responsibilities, has now taken the bull by the horns when it comes to the matter of the country. It is now about Nigeria first and Nigeria always.
“We urge the IOCs to cooperate with the Federal Government to recover and pay the backlog of money that would have accrued to Nigeria over the years, as such payment of such will help in resolving some of the country’s revenue challenges.
– Oct 16, 2019 @ 19:05 GMT |