Supreme Court boosts oil revenue for Akwa Ibom, Bayelsa, Rivers

Akwa Ibom, Bayelsa and Rivers States will receive more oil revenue from the federation following a landmark ruling by the Supreme Court Wednesday.

The states had approached the Supreme Court for the interpretation of Section 16(1) of the Deep Offshore and Inland Basin Production Sharing Contract Act in suit number SC964/2016, filed on their behalf by their lead Counsel, Mr. Lucius Nwosu, SAN.

The law mandates the federal government to adjust the shares of the revenue accruable to the federation whenever the price of crude oil exceeds 20 Dollars per barrel.

The Supreme Court judgment was delivered by Justice John Okoro.

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