Delta  Based Social Commentator and Community Development Crusader, Prince David Odeli, has expressed anger over the three percent profit share allocated to the host communities in the Petroleum Industry Bill, PIB, saying it should not be less than 10 percent if the Federal Government as well as International Oil and Gas Companies, IOCs, genuinely desire development of communities producing crude oil.

 Odeli, who made the demand in a telephone interview with vanguard Yesterday opined that the Bill should be find-tuned by the Joint Committee of the Senate and the House of Representatives, in such a way that the Host Communities’ Trust Fund, should be efficiently managed, so as to engage reputable construction companies like Julius Berger Nigeria Plc, in the execution of critical infrastructural projects in the swampy oil and gas bearing communities of the Niger Delta.

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He also queried the approval of 30 per cent of NNPC’s profit from oil and gas for Frontier Basins by the Senate, saying the excuse: “For the country to urgently and aggressively explore and develop the Frontier Basins to take advantage of the foreseeable threats to the funding of fossil fuel projects, across the world due to speedy shift from fossil fuel-to other alternative energy sources”, was not tenable, when compared to the paltry three percent profit share proposed for the host communities.    

Recall that the Senate Committee, recommended funding mechanism of 30 per cent of NNPC Limited’s profit oil and profit gas as in the production sharing, profit sharing and risk service contracts to fund exploration of frontier basins.

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