Thread by @azeez_ibrahim11

Making the crooked past straight

So, d Nigerian government through NNPC in 1993 signed offshore Production Sharing Contract (PSCs) with 6 oil companies. The contract stipulates that under d JV, profit sharing formula will be reviewed once prices of oil rise above $20 per barrel.

Since 1998, the prices of oil has gone far above the $20. It even reached $120 or more at some point in between 2013-2014. Some people ran this country from 1998. They knew the country should get more money but chose to look the other way, apparently, in cahoots with the IOCs.

This country was gang raped while the oil companies went away with billions of dollars that should benefit Nigeria.

Now, the current government is demanding the oil companies must pay $62billion in arrears from 1998 which is d amount of money the Nigerian government should have

earned above $20 per barrel. The Government is in court with the 6 oil companies to get them to pay.

The oil companies too are saying yes we should pay above $20 per barrel since 1998 but we are not liable to pay since Nigeria slept on her own rights for almost 20years.

The Oil companies are simply telling the FG that we are not the one who made you forget your right for 20years and you can not be asking us to pay you now having deliberately forgotten your right to the money since 1998.

From P&ID & other designed-to-fail projects over the years

this is how those entrusted with the material well-being of Nigeria have connived with local and foreign interest against the best interest of our country.

Naysayers can say all they like about President Buhari, I will continue to appreciate him as one leader, in Nigeria,

who has the courage to beam searchlight into some of the darkest recesses of our national life. He is straightening some of our crooked past.
~ Temitope Ajayi