Governors under the umbrella of the Southern Governors’ Forum, have rejected the Petroleum Industry Bill (PIB) passed by the National Assembly last week.
This was contained in a communique released after their closed-door meeting in Lagos State on Monday.
The governors demanded 5% instead of the proposed 3% share of oil revenue to be allocated to the host community, as recommended by the House of Representatives.
They also rejected the ownership structure of the proposed Nigeria National Petroleum Company Limited (NNPC).
“The Forum commends the National Assembly for the progress made in the passage of the PIB;
“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;
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“The forum also rejects 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,” the communique read in part.
