The Supreme Court has adjourned till November 14 to hear a suit on the outdated oil revenue sharing formula instituted against the Federal Government.
Justice Bode Rodes-Vivour led other six justices of the apex court to announce the date at the preliminary hearing on the suit, yesterday.
The Bayelsa and Rivers States had urged the apex court to interpret various constitutional provisions and the Deep Offshore and Inland Basin Production Sharing Contracts Act. The plaintiff had urged the apex court to conduct the interpretations in relation with fiscal responsibility of the defendant to them.
They further said those oil revenues were held in trust for the federal government and its component federating states.
Stating that the deep offshore and inland basin production sharing contracts Act had expressly stated that ‘profit oil’ was the remainder of the available crude oil after deduction of royalty oil, tax oil and cost oil.
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