Fed Govt launches battle to recover N20tr oil cash

Yusuf Alli, Abuja

Six oil firms have defaulted in the payment of approximately $62,190,679,793.00 billion (N20trillion) arrears of revenue to the government based on the deep offshore production sharing contracts.

The government is threatening to release the list of the affected oil giants.

The Presidency is pushing for the recovery of the cash, despite recourse to blackmail, it was learnt yesterday.

Fresh documents also revealed yesterday that the oil firms have defaulted in payment since 2003.

The oil companies have not paid arrears due to the government since the signing of Deep Offshore and Inland Basin Production Sharing Contracts Act CAP D3 Law of the Federation of Nigeria 2004 (as amended) 2019 for oil exploration in deep offshore and inland basins.

It was also learnt that a matter instituted by the Attorneys-General of three oil-producing States of Rivers, Bayelsa and Akwa Ibom (as Plaintiffs) against the Federal Government   added to the uncovering of the arrears.


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