Isoko seeks clarification on 10% equity to oil communities

ISOKO Positive Agenda (IPA) has thrown its weight behind the Conference of Ethnic Nationalities of Niger Delta (CEEND) on its demand on the Federal Government to give explicit interpretation of the 10 percent equity for oil host communities.

IPA members, who rose from a meeting in Warri, said in a statement signed by their chairman, Sam Idise, that the people of the region have been deceived for so long on the principal of derivation with mere statements devoid of any commitment.

IPA posited that the Federal Government should be sincere by giving a clear definition f the 10 percent whether it is net or gross of crude oil proceeds of 10 per cent of the existing 13 per cent, saying that derivation holds the key to rapid development of the area.

The oil communities need to know the channels through which the money will be disbursed to ensure that it gets to the destination intact without being hijacked or diverted to other projects outside the host communities.