Akwa Ibom, Bayelsa, Rivers drag FG to court over N500trn oil money
Bayelsa, Akwa Ibom and Rivers states have filed a suit at the Supreme Court against the Federal Government to challenge the loss of N500 trillion in oil revenue. The plaintiffs are praying the apex court to compel the Federal Government to implement Section 162 of the 1999 Constitution as it relates to oil revenue generation and sharing among the component parts of the federation. In the originating summons by Luscious Nwosu, SAN on behalf of the three states, the Supreme Court is being urged to determine whether there was a statutory obligation imposed on the defendant pursuant to Section 16 of the Deep Offshore and Inland Basin Production Sharing Contracts Act Cap D3 of the Laws of the Federation 2004. They also want the apex court to determine whether there was a statutory obligation imposed on the Federal Government to adjust its share in the additional revenue accruing under the various production sharing contracts approved by the defendant if the pric...