Senate probes loss of $21bn to non-review of PSC Act

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The Senate on Wednesday directed its revenant committees to probe the loss of $21bIllion revenue accruable to the Federal Government due to the failure to amend the Production Sharing Contract (PSC) Act.

This resolution followed a motion entitled: “Urgent need to review and recover additional revenue accruable to the government of the Federation from the Production Sharing Contracts pursuant to Section 16 of the Deep Offshore and Inland Basin Production Sharing Contract Act CAP D3 LFN 2004 and amend the Extant Act.”

The motion was sponsored by Senator Ifeanyi Ubah (Anambra South) and co-sponsored by 16 other senators.

In his lead debate, Ubah urged the Senate to note that “as a result of the non-review and amendment of the PSC Act, the Federal Government has lost about US$21 billion (about N7trillion) over a period of 20 years due to the failure to review and amend the PSC Act as stated by the Honourable Minister of State for Petroleum Resources following the meeting of the Federal Executive Council on the 14th day of December, 2017.”

Senator Ubah’s prayer which is to: “Mandate the Senate Committee on Petroleum Resources Upstream to investigate the reasons for the failure to review the salient provisions of the PSC Act, identify the best fiscal regime for the PSCs and review the provisions of the PSC Act to ensure that beyond the crude oil price of US$20, the share of the Federal Government of Nigeria (FGN) in the additional revenue is adjusted in accordance with the provisions of the Act,” was unanimously adopted when it was put to voice vote by the President of the Senate, Ahmad Lawan.

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