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FG begins moves to recover N20trn from 6 defaulting oil companies

The federal government is said to have commenced a fresh move to recover about N20 trillion from six defaulting oil companies as part of the revenue accruing to Nigeria.

The Nation puts the amount at about $62,190,679,793.00 billion adding that the money to Nigeria is the result of the deep offshore production sharing contracts.

According to the report, one of the moves by the federal government is to first publish the names of the affected oil majors who are said to have defaulted since 2003.

The report quoted a government source as confirming the determination of the Muhammadu Buhari administration to recover the funds.

“There are six oil companies involved. They have taken the nation for granted in the last 16 years by denying Nigeria of its revenue from the production sharing contracts.

“We will not allow the oil firms to cheat the nation any more. The recovery process has legal basis including a ruling of the Supreme Court,” the source said.

The source said the oil firms have engaged blackmailing the federal government in an attempt to stall the recovery move.

He said the list of the oil giants had been kept secret to see how far negotiations can go, but that if they remain adamant, the government would be forced to make the names public.

The report added that the attorneys-general of Rivers, Bayelsa and Akwa Ibom have instituted a case against the federal government in relation to the issue.

It was also reported that the Supreme Court earlier also ordered the federal government to set up a body for the recovery of the arrears.

The minister said this at the Senate during the hearing on the N10.33 trillion 2020 budget proposal, adding that what Nigeria is facing now is how to generate more revenues.

SOURCE: legit