The Host Communities of Nigeria Producing Oil and Gas (HOSTCOM), have advocated for an upward review of the three per cent statutory fee accruing to host communities.
National President of HOSTCOM, Dr Benjamin Tamaramiebi, made the call at a press briefing in Abuja.
They said the review had become necessary in view of the present economic realities, which make the current 3 per cent insignificant.
The three per cent fee is an Operating Expenses or Expenditure (OPEX) of previous year being remitted to host communities by oil companies as stipulated in the Petroleum Industry Act (PIA) 2021.
Tamaramiebi also appealed to the oil companies that had not complied with the HOSTCOM regulations to do so immediately to incorporate the Host Communities Development Trust Fund (HCDT) for maximal use.
He said the three per cent provision which was given in 2021 was no longer a reality or dependable.
He said the association will engage the leadership of both chambers of the National Assembly to push for amendments of the PIA to address contentious areas and clauses, such as Section 257 sub section two, Section 52 sub section seven (d) and section 104 sub section four.
