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Equitable sharing formula is panacea for peace in N/Delta— Nwuche

By Yemie Adeoye
FORMER Deputy speaker of the National Assembly, Hon. Chibudom Nwuche has advised the Federal government to revisit the Petroleum Industry Bill [PIB] and ensure the inclusion of an equitable sharing formula  of revenue between oil producing local  governments areas, state and Federal government for a lasting peace in the Niger Delta area of the country.

Nwuche stated this while addressing news men at the just concluded interactive forum on the PIB, between top executives in the oil & gas industry and the Senate at the Petroleum Club in Lagos.

His words “in order for us to achieve the much needed tranquility and harmony in the oil producing areas, to support the people prospecting for oil in the Niger Delta area, the Petroleum Industry Bill must seek to create equity and justice in the allocation of oil revenues between the tiers of government taking into particular account the interest of producing areas.

He opined that since the discovery of oil in Otuogadi Oloibiri in 1956, the communities have  largely been left out of the benefits while suffering the effects of devastation to their farm land, fishing ponds and the environment at large.”

This according to him has gradually led to a situation were the South_South region has the highest rate of unemployment in the country despite its status as the highest and major producer of revenue for the country.

He went further to disclose that when other resources accounted for most of the nation’s revenue, the sharing formulas were different, and that pending the due reversal to the revenue allocation formula of the 1963 constitution, measures should be taken to ameliorate and address this problem.


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