Reps probe IOCs’ non-payment of 3% operating cost to host communities

This followed the adoption of a motion moved by Victor Obuzor at the plenary on Tuesday.

Presenting the motion, Obuzor said Section 240 of the Petroleum Industry Act (PIA) stipulates that Oil and Gas Companies should remit 3% of their annual operational expenditure to Oil and Gas producing host Communities via the Host Community Development Trust Fund.

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