The Southern Governors Forum (SGF) has rejected the 3% share of the oil revenue proposed in the Petroleum Industry Bill (PIB).
This is one of the resolutions of the forum at the meeting hosted by the Lagos State Governor, Babajide Olusola Sanwo-Olu, on Monday, 5th Just, 2021.
According to the communique signed by the Chairman SGF and Governor of Ondo State, Arakunrin Oluwarotimi Odunayo Akeredolu, the governors commended the National Assembly for passing the Bill but supported the 5% share of the oil revenue as recommended by the members of the House of Representatives.
“The Forum commends the National Assembly for the progress made in the passage of the bill.
“The Forum rejects the proposed 3% and supports the 5% share of the oil revenue to the host community as recommended by the House of Representatives.”
In the same vein, the forum rejected the “proposed 30% share of profit for the exploration of oil and gas in the basins.”
“However, the forum rejects the ownership structure of the proposed Nigeria National Petroleum Company Limited (NNPC). The Forum disagrees that the company be vested in the Federal Ministry of Finance but should be held in trust by Nigeria Sovereign Investment Authority (NSIA) since all tiers of Government have stakes in that vehicle.”
