* Says $21bn oil revenue lost in 24 years The Federal Executive Council on Wednesday approved a proposal to amend Section 15 of the Production Sharing Contracts of the deep Offshore Act. The Minister of State for Petroleum Resources, Ibe Kachikwu, stated this while briefing State House correspondents after the FEC meeting. The minister explained the decision to amend the Act was to hike oil revenue by $2 billion. He said between 1993 and 2017, Nigeria had lost $21 billion for not acting on the provision of the Act stipulating that once the price of crude exceeds $20 per barrel, steps will be taken to distribute “premium element” at an agreed premium level for the federal government for higher revenue to get more for our oil.]]>

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