Malami Tells IOCs to Pay $62.1bn PSC Arrears - THISDAYLIVE

The Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami SAN, has asked international oil companies to settle their unpaid arrears of approximately $62.1 billion to Nigeria.

“The five per cent as a recovery fee is a product of innovation introduced by the federal government upon the assumption of office of the President Muhammadu Buhari as against the 30 per cent and above which was the traditional fee by the previous administration. According to him, by virtue of Section 162 of the Constitution of the Federal Republic of Nigeria 1999 as amended, the amount in question is more than enough for three year budget of Nigeria considering the 2020 budget of N10.3 trillion.

“It does not accord with reason and logic for the Federal Government of Nigeria to overlook, forgo and condone loss of $64 billion on account of mere five per cent fee payable upon recovery.”

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