Home Today's Latest Vanguard Newspaper Headlines Contracts secrecy in oil industry endangering Nigeria’s economy —Report –

Contracts secrecy in oil industry endangering Nigeria’s economy —Report –

0
Contracts secrecy in oil industry endangering Nigeria’s economy —Report –


Big trouble, as more Nigerians sink deeper into poverty
A map of Nigeria

 

By Michael Eboh

A coalition of Civil Society Organisations, in a report published yesterday, lamented that a number of critical contracts in the Nigerian oil and gas industry are shrouded in secrecy and risk endangering the Nigerian economy and the welfare of citizens.

The CSOs, in the report presented at a roundtable on contract transparency in the extractive industries, organized by Centre for Transparency Advocacy, CTA, and Media Initiative for Transparency in the Extractive Industries, MITEI, and Contract Transparency Network, stated that most of these contracts determine a significant amount of revenue accruable to the country from the extractive industries.

The report, which was presented on behalf of the CSOs by Mr. Leo Ugboaja, noted that these contracts deal with various matters in the oil and gas industry, such as environmental protection, the fiscal terms, tax exemptions, if any, and royalties and production shares, which have significant…



Source: Vanguard Newspaper