Buhari’s Supporters Chide Past PDP Govts For Abandoning $62 Billion With Oil Companies

The Buhari Media Organisation (BMO) has decried the apathy of previous administrations in the country which led to the accumulation of $62billion, that rightly belongs to the government and people of Nigeria, in the coffers of International Oil Companies (IOCs).

According to the organisation, the sum accrued to the Federal Government of Nigeria as its share of profits from the Production Sharing Contract (PSC). Praising President Muhammadu Buhari’s commitment to recovering the $62billion from the IOCs, BMO said the previous government, whose nonchalance paved the way for the IOCs to keep the fund, deserve total condemnation.

In a statement signed by its Chairman, Niyi Akinsuji and Secretary, Cassidy Maduke, BMO said that this money is enough to fund two Budget cycles, or if shared equally among Nigerians, would give each Nigerian a whopping N124,000.

“We commend President Muhammadu Buhari for his genuine commitment to revitalizing the country’s state of affairs by further raising the bar in recovering this sum from the international oil companies, being the backlog of government’s share from Production Sharing Contracts (PSC).

‘’The Attorney-General’s office and the Justice Ministry have said that oil companies failed to comply with a 1993 contract-law requirement that the state receives a greater share of revenue when oil price exceeds $20 per barrel. Computing the amount that should be credited to the Nigerian government if the law was effectively applied, translates to around $62 billion against the IOCs.

“The Federal Government’s decision to recover the backlog from the oil companies is backed by law dating back to the 1990s which allows the government to review revenue sharing, under oil production-sharing contracts. 

“President Muhammadu Buhari has demonstrated a sincere commitment to restoring the country’s good image where national reputations have become real game-changers in a globalized and super-connected world.

“This ‘Government of Revitalization’, unlike past governments that slept on their responsibilities, has now taken the bull by the horns when it comes to the matter of the country, It is now about Nigeria first and Nigeria always.

“We urge the international oil companies (IOCs) to cooperate with the Federal Government to recover and pay the backlog of money, that would have accrued to Nigeria over the years, as payment of such will speedy resolve the country’s revenue challenges”, the statement added.

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