The Niger Delta Youth Council (NDYC) has rejected the three per cent equity stake in the Host Community Trust in the just-passed controversial Petroleum Industry Bill, PIB.
According to NDYC, it is unacceptable to cede only three per cent equity stake to he oil and gas producing communities.
This was contained in a statement signed by the group’s National Coordinator, Jator Abido, and Director for International Affairs, Collins Achakpekri.
The statement reads, “We reject the three per cent to host communities and 30 per cent per cent of the profit generated by the proposed Nigerian National Petroleum Company Limited for the exploration of oil in ‘frontier basins’ as stipulated in the PIB. We demand 10 per cent for host communities and five per cent for impact communities.
“The three per cent allocated to host communities as an equity stake in the Host Community Trust is grossly inadequate. Prior to the passage, many stakeholders appealed to the National Assembly to allocate five per cent profit to the host communities.
“The earlier five per cent canvassed for was rejected to be poor. Cutting it down to three percent is unimaginable and unacceptable. Communities, which own these resources and suffer the devastation of oil exploration and exploitation, deserve a better deal than three per cent.
“It is our belief that the members of the National Assembly got it wrong at a point but should revisit the issue and make necessary adjustments. Should the National Assembly fails to do the needful, we call on President Muhammadu Buhari, who has proven to be passionate about Niger Delta issues to insist that the three percent is reviewed to 10 per cent before signing the bill into law.”