South-West Governor, Senators And House Of Rep Insist 5% And Not 2.5% In PIB For Host Funding
In an effort to encourage and improve their economic position, South-West Governors had a meeting on Tuesday with Senators and members of the House of Representatives from the Zone. They talked about the proposed Petroleum Industry Bill (PIB), as well as other economic issues pertinent to the region.
Both houses must approve 5% of the previous year’s actual operating expenditures for upstream petroleum operations, which affects the host communities, for funding of the Host Communities Trust Fund in the new PIB.
Despite a lack of mentioning of the PIB in either of the speeches made by the Chairman of the South-West Governors’ Forum, and the Ondo State Governor, Rotimi Akeredolu (SAN), the subject was mentioned by news reporters at the conclusion of the meeting.
One person who was at the meeting reported that the governors and the parliamentarians agreed to put their collective weight behind the House of Representatives members and support them with 5% of funds earmarked for host communities.
Last week, the two chambers of the National Assembly finally approved the Budget which had been pending for more than 13 years. The Senate approved 3% of OE and the House selected 5% for the Exploration Fund and 30% for the Frontier Exploration Fund.
The Executive’s initial bill to fund the Host Communities Trust Fund was set at 2.5 percent. This bill was debated by the Senate Finance Committee, which instead increased it to 5 percent. The bill ultimately approved by the Senate was set at 3 percent.
President Yar’Adua submitted the bill to the National Assembly in 2008. However, he was no longer in office when it was enacted into law.
Nigeria’s Oil and Gas 2020 objectives aim to comprehensively overhaul the country’s oil and gas industry.
[After the briefing Tuesday night in Abuja, state governors from Ekiti, Oyo, Lagos, Ogun, and Osun gathered together and issued a joint statement about the constitution review being undertaken by the National Assembly. The statement asserted that the Zone will develop a unified position on the constitution.]
Read More: Southern Governors Gather For A Meeting Today At Lagoshttps://agnesisika.com/southern-governors-gather-for-a-meeting-today-at-lagos/
The chairmen of both the upper and lower chambers and the Attorney-Generals of the state, working together on a joint committee, will develop a stance and an influence that is major.
South West State Governors met with Members of the South West Congressional and Senatorial delegations.
Most importantly, we spent time deliberating on proposed constitutional modifications and arrived at a common opinion concerning one such amendment.
Additionally, we established a committee in order to complete this. The committee consists of senators and House members with representation from the Southwest States and attorneys from the region.
“We will find a unified position that helps us communicate our perspective to the House as well as advocating for a constitutional amendment to be drafted during the last day of the session.”