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RMAFC supports FG’s review of production sharing contracts

RMAFC Supports FG’s Review Of Production Sharing Contracts

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has reiterated its support for the proposed review of the Production Sharing Contracts (PSCs) approved by the Federal Executive Council (FEC) at its meeting held in Abuja, Independent reports.

RMAFC in a statement signed by Mr. Ibrahim Mohammed, RMAFC’s Spokesperson last week, viewed the move by the Federal Government as a welcome development, and commendable as the Commission, that has the constitutional responsibility of monitoring revenue accruals into and disbursement of revenue from the Federation Account had been consistently calling for the review of these contracts for the past seven years.

He added that these contracts have never been reviewed nine years after both conditions stipulated in the relevant provision of the Act have elapsed, thereby leading to the huge revenue loss of about $21 billion by the Country in the last 20 years as recently revealed by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.

The post RMAFC supports FG’s review of Production Sharing contracts appeared first on Energy News | Oil and Gas News.

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RMAFC supports FG’s review of production sharing contracts


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