Nigeria’s House of Representatives has provided further clarification to the recently passed Petroleum Industry Bill.
Musa Adar, the Chairman, House Committee on Petroleum Upstream told ARISE News on Tuesday that the proposed 30 per cent share of profit for the exploration of oil and gas in the frontier basins will be gotten from the federation funds.
According to the ranking lawmaker, the provisions for the host communities will be coming from annual funds of oil stakeholders in the Niger Delta region. He says the funds expended by the over eighteen oil companies annually are more than Nigeria’s entire budget, with host communities expected to get an expected $2.5 billion.
Watch the interview for more.
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