An economic think tank, Agora Policy, has demanded a review of the Petroleum Industry Act (PIA) following the decline in the dividend by the Nigerian National Petroleum Company (NNPC) Limited to the federation account.
The company’s dividend to the federation account dropped from $11.9 billion to $1.83 billion in just over two years.
In a report titled: “Urgent Need to Amend the PIA to Boost Federation’s Petroleum Revenue,” released on Sunday, the think tank called for a review of the PIA, saying it reduces government revenue while NNPC takes the largest chunk of profit.
