The Nigerian Upstream Petroleum Regulatory Commission has warned that it would not hesitate to revoke the licence of any oil and gas operator that fails to remit the statutory three per cent to host communities in the Niger Delta region by end of September 2023.
Section 240 (2) of the PIA, 2021, states that “Each settlor, where applicable through the operator, shall make an annual contribution to the applicable host communities development trust fund of an amount equal to 3% of its actual annual operating expenditure of the preceding financial year in the upstream petroleum operations affecting the host communities for which the applicable host communities development trust fund was established”.
