Reps Receives Bill To Increase 13% Oil Derivation To 50%

Abiola Olawale
Writer

Ad

OPEC Rejects Media Reports of Major Output Hike Ahead of G8 Meet

OPEC has slammed the brake on speculation, flatly rejecting media reports that the G8 is preparing to hike crude oil production by half a million barrels per day. In a statement from Vienna on Tuesday, the OPEC Secretariat called the claims “wholly inaccurate and misleading,” stressing that discussions among ministers for the upcoming meeting haven’t…

Ranked: Countries Losing the Most (and Least) from Trump’s Tariffs

Trump’s tariffs are hitting all of America’s major trading partners. But in U.S. trade, what matters isn’t just the tariffs a country faces—it’s how they stack up against competitors. This visualization, made with the Hinrich Foundation, shows which countries are losing the most, and the least, from Trump’s tariffs. The data seen here is sourced from…

Emergency in Rivers: Romancing impunity?, By Ebun Olu-Adegboruwa 

By Ebun-Olu Adegboruwa, SAN “I urge every Nigerian home and abroad to try and live within the confines of the law of the land and the Constitution of the Federal Republic of Nigeria. If we are able to do just that, we will be sure of ensuring that peace and unity reign in the country.…

Ad

A bill seeking to amend the 1999 Constitution to allow for an increase in the 13% derivation fund to 50% has been introduced in the House of Representatives.

The bill seeking a 50% derivation fund to the oil producing communities is among bills received by the House of Representatives as part of the ongoing constitutional review.

When passed, the bill will enable oil producing states earn 50 percent as against the current 13 percent derivatiion.

The Bill which was sponsored by the Peoples Democratic Party (PDP) Caucus Leader, Rep Kingsley Chinda is expected to go through the rigours of the constitution amendment review committee headed by Deputy Speaker, Idris Wase.

The 13% Derivation is the fund set aside to assist oil-producing communities to tackle infrastructural decay and degradation.

Meanwhile, there have been agitations that the funds are not getting to the right channels. The 13 per cent derivation fund has been a subject of controversy between the oil-producing communities and their various states government, with the former asking the Federal Government to pay the money directly to the communities and not into the coffers of the state.

This is also coming days after President Muhammdu Buhari had signed the Petroleum Industry Bill (PIB) now known as the Petroleum Industry Act(PIA) into law.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp