Despite agitations by International Oil and Gas Companies operating in the country and other critical stakeholders, the House of Representatives has outlined five ways the proposed Petroleum Industry Bill, PIB, will positively affect host communities in the Niger Delta, Fresh Angle International can report.
In a statement released this afternoon, Friday January 29, through its twitter handle, the House of Representatives listed the five ways thus:
“Companies shall make an annual contribution to Host Communities Development Trust Fund of an amount equal to 2.5% of its operating expenditure each year.
“Companies operating in the shallow waters, deep offshore and littoral areas of the host communities shall establish a Trust Fund for the community called the Host Community Development Fund.
“The Host Community Development Trust Fund shall be incorporated within 12 months of existing oil mining lease period for the companies or prior to the application or commencement of commercial operations.
“The Host Community Development Trust Fund shall be used for projects support healthcare development, infrastructural development and local initiative within the host communities.
“The Host Community Development Trust Fund will be operated as a corporate body with Board of Trustees who shall safeguard the utilization of the trust fund for projects that employs and benefits the host communities”.
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