Nigerian States Demand Review of 3% Fund In The Petroleum Industry Bill
Jul 5, 2021 ·
4m 50s
Download and listen anywhere
Download your favorite episodes and enjoy them, wherever you are! Sign up or log in now to access offline listening.
Description
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...
show more
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.
show less
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.
Information
Copyright 2024 - Spreaker Inc. an iHeartMedia Company