PIB ‘ll address concerns of  oil producing areas- Lawmaker

From Ndubuisi Orji, Abuja

Uju stated this, on Friday, while speaking with journalists, in Abuja, on the benefits of the bill, which was passed by the National Assembly, on Thursday.

The lawmaker noted that with the five percent equity approved for the host communities in the bill, some of the development challenges in the oil producing communities would be addressed to a large extent.

According to him, “Section 240 is talking about the host communities and these host communities today are singing music of joy because we have given impetus and powers and provided enabling environment for you to participate in your own resources.

“What this means is that five percent of operational cost by oil companies have been exclusively reserved for the host communities and by host communities.

“The five percent would no longer be sent in proxy. These monies would be sent directly to a  fund which would be established by the same host communities and which will be managed by the same host communities.

“So,  we would not have a situation where the host communities would say that they did not get their due share from oil exploration.

“So this fund would be sent to the host communities, deductible from source. What it means is that you do not need to go begging for the money to be released to you.”