Connect with us

Business & Economy

PIB: Gov Diri seeks resolution of ambiguity in provisions for host communities

Published

on

Gov.-Douye-Diri
Gov. Douye Diri of Bayelsa
Share

Gov. Douye Diri of Bayelsa has called for clarity in the definition of host communities in the recently passed Petroleum Industry Bill (PIB) to avoid potential conflicts.

The bill, which was passed into law recently by the senate, is the first in a series of long awaited petroleum industry laws designed to reform the Nigerian oil and gas industry.

The PIB is an omnibus law, meant to regulate the entire sphere of the industry and repeal all current existing oil and gas legislation.

It struggled to see the light of day in spite of its introduction to the National Assembly over 16 years ago.

Diri, who spoke on a Channel’s Television breakfast current affairs programme  said that three per cent of oil revenue for host communities who suffered devastating effects of exploration and exploitation activities was grossly inadequate and called for an upward review.

He said that prior to Monday’s meeting of the southern states governors in Lagos, the states had been in consultation with relevant stakeholders on their position, which he said was a minimum of 10 per cent of oil revenue to oil producing communities.

According to him, it is unacceptable that a provision of 30 per cent profit of the Nigerian National Petroleum Corporation was inserted in the controversial bill for “frontier exploration” in areas that were not clearly specified.

Diri frowned at the definition of oil producing communities and host communities to include areas where pipelines were laid.

He called for a reversal of such proposal, saying it was a time bomb that if not properly addressed, could create avoidable crises.

The governor restated his commitment and that of his colleagues in the Southern Governors Forum to continuous dialogue to resolve issues that bordered on challenges faced by oil producing communities and states.

Responding to a question on open grazing, Diri described cattle rearing as a private business that the states had power to regulate, stressing that there was no going back on the ban of open grazing in Bayelsa, which he said was no longer sustainable.

 

 

 

He stated that the ban was in force in the state since he assented to the bill on March 11, 2021.

On the issue of the governors’ resolve that the president of the country should emerge from the South in 2023, he said although it was a political decision that required consultations and lobby, a president of Southern extraction in the next election would encourage peaceful coexistence.

“Governors did not wait until now to speak on the PIB. Speaking on behalf of my state, we had a position and it was made very clear during the public hearings.

“It is unthinkable and total injustice to allot three per cent to oil producing communities. We stated our position of 10 per cent.

“The definition of host communities or oil producing communities is also worrisome.

“Oil producing communities should not be where pipelines are laid. If the issue of what an oil producing community is, is not addressed, it is a time bomb that can explode.

“The issue of cattle grazing is a commercial, private activity. I do not see why we needed anybody’s opinion to regulate a private activity.

“We have a duty to protect our people. That is why we have state assemblies. In Bayelsa, it already came into effect since March 11, 2021. Open grazing is no longer sustainable. We need to stop it.

“On the issue of Southern presidency, the governors will have to engage in lobby.

“But it is only natural justice for the south to produce the president after President Buhari’s eight years. It is not constitutional but a gentleman’s agreement to encourage cohesion and peaceful coexistence,” Diri said.

Diri said although COVID-19 slowed things down globally, his administration had made appreciable progress in road and infrastructure development, urban renewal of the state capital, Yenagoa, as well as in ensuring peace, unity and reconciliation within the last 16 months of being in office.

He assured that his administration was committed to development of every sector of the state’s economy and called for support from Bayelsa people.

(NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business & Economy

Tinubu Welcomes Nigeria’s Removal from FATF Grey List, Pledges Continued Financial Reforms

Published

on

President Bola Tinubu
President Bola Ahmed Tinubu
Share

President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the nation’s economic reform and global credibility drive.

The FATF, the world’s foremost body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday at its plenary session in Paris, France.

The decision formally removes Nigeria from the list of countries under increased monitoring, following the nation’s successful completion of its FATF Action Plan after over two years of sustained reforms and inter-agency coordination.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the development reflects Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

“Rather than treat our placement on the grey list in 2023 as a setback, we saw it as a call to action,” the President said. “This delisting is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

The President credited the achievement to far-reaching legal, institutional, and operational reforms implemented under his administration through the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and other key ministries.

Tinubu commended the Director/CEO of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and professionalism, as well as the contributions of several ministries, agencies, and private sector representatives who participated in the National Task Force on AML/CFT.

He also acknowledged the support of international partners including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance throughout Nigeria’s reform process.

President Tinubu assured that his administration will sustain and deepen the reforms that led to the country’s delisting.

“This is not just a technical accomplishment,” he said. “It marks the beginning of a new chapter in our financial reform agenda as we continue building a system Nigerians and the world can trust.”

Continue Reading

Business & Economy

Lagos Tops 2024 State Revenue Ranking with ₦1.26 Trillion — NBS Report

Published

on

lagos state logo
Lagos State coat of Arms
Share

Lagos State has retained its position as Nigeria’s highest internally generated revenue (IGR) state in 2024, according to a new report released by the National Bureau of Statistics (NBS).

The report, published on Monday via the NBS X handle, revealed that the 36 states and the Federal Capital Territory (FCT) collectively generated ₦3.6 trillion in 2024, marking a 49.7 per cent increase from ₦2.43 trillion recorded in 2023.

Lagos led the chart with ₦1.26 trillion, followed by Rivers with ₦317.3 billion, and the FCT with ₦282.36 billion. Ogun and Enugu States completed the top five with ₦194.93 billion and ₦180.5 billion, respectively.

The bottom five states on the list were Adamawa (₦20.29 billion), Taraba (₦17.46 billion), Kebbi (₦16.97 billion), Ebonyi (₦13.18 billion), and Yobe (₦11.08 billion).

Other states that made the top 10 include Delta (₦157.79 billion), Edo (₦91.15 billion), Akwa Ibom (₦75.77 billion), Kano (₦74.77 billion), and Kaduna (₦71.57 billion).

The NBS noted that the sharp increase in overall IGR reflects growing fiscal efforts by states to boost their internal revenue base amid declining federal allocations.

 

 

Continue Reading

Business & Economy

FG Launches Free Financial Education Programme for 100,000 Youths 

Published

on

FG logo
Share

The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

Continue Reading