FALANA in a letter to Senate President AHMAD LAWAN said if Nigeria can recover the money lost to oil sale, there would be no need to seek foreign loans.
He added that Nigeria lost a larger part of the proceeds from oil as a result of the non-implementation of the Deep Offshore and Inland Basin Production Contracts Act.
The Senior Advocate said he had raised the alarm that both government and international oil companies in the country failed to stick to the agreement for an upward review of loyalties whenever crude oil was sold beyond twenty dollars per barrel in the international market.
