Petroleum Industry Act: Nigerian Governors Kick Against 30% Frontier Basin Funds, Will Go To Court If Options Exhausted

Chairman of the Nigerian Governors’ Forum, Kayode Fayemi, has said governors in the country are ready to go to court should they exhaust all available options open to resolving the brewing crisis occasioned by President Muhammadu Buhari’s signing of the Petroleum Industry Act.

Fayemi spoke exclusively to ARISE NEWS on Thursday.

Mr Fayemi, who is also the Governor of Ekiti State in the country’s southwest said the governors will work with the steering committee (set up by the president to oversee the process of implementation of the newly signed Petroleum Industry Act) but will not fail to take an alternative measure if they fail to secure a reprieve.

A particular sticking point is the 30% of profits set aside for ‘Frontier Basins’ in the PIA, which Fayemi says will deplete the Federation Account from which the three tiers of government share proceeds.

He suggested that officials in the presidency may not have shared the governor’s reservations concerning the Act with the President on his return from his visit to the United Kingdom.

Watch the interview for more…

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