Nigerian States Demand Review of 3% Fund In The Petroleum Industry Bill
Jul 5, 2021 ·
4m 50s
Groups from oil-bearing communities in Abia, Delta, Edo and Ondo states have demanded an upward review of the three per cent host communities’ fund approved in the Petroleum Industry Bill...
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Groups from oil-bearing communities in Abia, Delta, Edo and Ondo states have demanded an upward review of the three per cent host communities’ fund approved in the Petroleum Industry Bill (PIB), which was passed last Thursday by the National Assembly.
Clause 240 of the draft bill had proposed five per cent of the annual profit of the oil companies for host communities.
The President-General of Urhobo Progress Union, Chief Moses Taiga, called for an objective, realistic and patriotic review of the fund to 10 per cent.
He, however, stated that despite any shortcomings that may be observed, the PIB as passed is a good and practical starting point towards changing the administrative, regulatory and fiscal framework of the nation’s oil and gas industry.
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Clause 240 of the draft bill had proposed five per cent of the annual profit of the oil companies for host communities.
The President-General of Urhobo Progress Union, Chief Moses Taiga, called for an objective, realistic and patriotic review of the fund to 10 per cent.
He, however, stated that despite any shortcomings that may be observed, the PIB as passed is a good and practical starting point towards changing the administrative, regulatory and fiscal framework of the nation’s oil and gas industry.
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