The Nigerian government and international oil companies are trying to find a common ground for the dispute over oil revenues.
Based on the 2018 Supreme Court ruling, the government said it was entitled to $ 62 billion from companies if it does not comply with a 1993 law that gives the state more revenue if a barrel increases its oil to over $ 20. Justice Minister Abubakar Malami said late Saturday in the Abuja office: “We have started a process of relationship between the parties.”
Under production-sharing legislation, companies decided to finance the development of deepwater oil fields, assuming they would share benefits with the government after recovering their costs. 26 years ago, when the law came into force, crude oil was sold for $ 9.50 per barrel. Now it’s traded in London for over $ 60. President Mohammadu Bukhari is trying to support state funds after prices fall after crude production. The country with the highest GDP on the continent is dependent on oil for at least two-thirds of its income and more than 90% of foreign exchange income.
CENTER FOR AFRICAN STUDIES
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AFRICA OBSERVATORY
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