Business
Nigeria agency says proposed oil reforms could cost oil-rich Nigeria $3 billion a year
ABUJA, Nigeria — A government agency says Nigeria could lose more than $3 billion from its annual share of oil revenues if proposed laws are passed to overhaul the oil and gas sector.
The Nigeria Extractive Industries Transparency Initiative says th…
A government agency says Nigeria could lose more than $3 billion from its annual share of oil revenues if proposed laws are passed to overhaul the oil and gas sector.
The Nigeria Extractive Industries Transparency Initiative says the proposals are “designed to bend the bill to serve foreign rather than Nigerian interests.” The agency requested a meeting with lawmakers in their Monday statement.
The agency says the draft also removes a section that emphasized transparency in the lucrative industry that has failed to better the lives of ordinary Nigerians.
Various versions of the bill have been drafted over many years, and its latest version has languished for months in Nigeria’s National Assembly.
Nigeria is a top supplier of crude to the United States.
Copyright 2011 The Associated Press.
