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The Minister of State for Petroleum Resources, Timipre Sylva, has faulted the position of host communities who are insisting on collecting 10 per cent of the operating expenditure of the oil firms to set up a trust fund.
The leaders of the oil rich areas under the aegis of the Host Communities of Nigeria Producing Oil and Gas, had on Tuesday, openly rejected the 2.5 per cent proposed for them in the Petroleum Industry Bill 2020, being considered by the joint Senate Committee on Petroleum Resources, (Downstream, Upstream and Gas).
They insisted that nothing short of the 10 per cent of the operating expenditure they were demanding would be acceptable to them because the proposed 2.5 per cent was grossly inadequate to provide basic social amenities and improve the standard of living of their people.
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Sunday Aborisade, Abuja
Leaders of the Host Community of Oil Producing Areas, on Tuesday, called on the Federal Government to scrap the Niger Delta Development Commission and transfer all its allocations to them for effective management.
The President, National Executive of the Host Communities of Nigeria Producing Oil and Gas, High Chief Benjamin Tamaranebi, stated this while addressing journalists on the second day of the public hearing on the Petroleum Industry Bill by the Senate joint committee on petroleum upstream, downstream, and Gas.
He said with the reduction of the host community development trust fund from 10 per cent in 2008 to 2.5 per cent in 2020, PIB proposed documents would deny the people the required funds to develop their areas.