Nigeria lost $21bn over failure to implement part of Deep Offshore Act – Kachikwu

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Nigeria lost $21bn over failure to implement part of Deep Offshore Act – Kachikwu

“Under the Deep Offshore Act, there was a provision in 1993 that says once the price of crude exceeds $20 a barrel, the government will take steps to ensure that the premium element is then distributed under an agreed formula so that we can get more from our oil. But over the last 20 years, nothing really was done."

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