Governors of the southern states have rejected the 3 percent share of oil and gas profit for host communities as contained in the Petroleum Industry Bill which was recently passed by the National Assembly.
VANTAGE NEWS had reported that the governors on Monday, met at the government House, Lagos to discuss issues affecting the region.
In a communique read by the Governor of Ondo State, Rotimi Akeredolu, the forum asked that the 5 percent recommended by the House of Representatives be adopted.
Akeredolu said, “The forum commends the National Assembly for the progress made in the passage of the PIB; the forum however rejects in very strong terms, the proposed three percent for host communities by the Senate and support five percent share of the oil revenue to the host communities as recommended by the House of Representative.
“The forum also rejects the proposed 30 percent share of profit for the exploration of oil and gas in the basins. The forum rejects the ownership structure of the proposed Nigeria National Petroleum Corporation limited and disagrees that the company is vested in the Federal Ministry of Finance. The forum proposed that the company should be held in trust by the Nigerian Sovereign Investment Authority since all tiers of government have a stake in that vehicle.”
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