Senator Seriake Dickson, (Peoples Democratic Party, PDP) Bayelsa West has said the 3%Trust Fund approved for host communities in the Petroleum Industry Bill (PIB), by the National Assembly is an “unwise” decision and a recipe for crisis in the Niger-Delta region and by extension the Nigerian oil industry.
Addressing reporters in Abuja on Thursday, Dickson said the 3% which is a far cry from the 10% originally demanded by the host communities will create a crisis that will make it difficult for investors to thrive in the region.
He said the argument that 5% will scare investors does not count, pointing out that no investor will in the first place wants to come to operate in an unfriendly environment.
The Senator said with the 3%, the people feel annihilated from Nigeria’s oil wealth fetched in their backyard by those who think they have the” majority votes” to decide their fate.
He said the host communities are even angrier knowing that while the National Assembly denied their demand for 5%, it increased shares for frontier basin development from an initial 10% to 30% from the profit of NNPC Limited.
“This country is not helping itself. This country is not helping investors, this country is not helping the host communities by not creating the enabling environment that will enable investors to thrive”.
Seriake blamed the slash from 5% to 3% on the mismanagement of the request by some key players in the executive arm of government especially the Minister of State for Petroleum Resources, Timipre Sylva, who did not only represented an initial 2.5% but also pushed strongly for it to be passed.
The former Governor said he walked out of the chamber when the PIB was being debated because he was not ready to be a part of the grand plot to deprive the people of their legitimate entitlement.
The Bayelsa State-born federal lawmaker also expressed displeasure at the position of the Senate that subjects the Independent National Electoral Commission to the approval of the Nigeria Communication Commission (NCC), on the use of electronic transmission of election results.
He said the arrangement violates the independence of the electoral umpire as provided for the constitution and can be easily overturned in a court of law when challenged.
