Bayelsa State Governor, Douye Diri, says the 2.5 per cent oil operating fund proposed for the producing communities in the Petroleum Industry Bill, PIB 2020 is inadequate and unacceptable, for people who have borne the brunt of decades of oil production.
At a public hearing in Yenagoa, Bayelsa State capital, on the bill before the National Assembly, key actors in the state also demanded quick passage and the implementation to accelerate peace and development in the oil-producing areas.
The long-awaited Petroleum Industry Bill was designed to ensure transparency and accountability in the oil and gas sectors, as well as strengthening governing bodies in the bid to attract more oil revenues.
Toward enabling its formal passage and full implementation, the ad hoc committee of the House of Representatives on the PIB is on a mission of getting inputs of concerned stakeholders in Bayelsa State.
Governor Diri reiterated his stance on the increase of the proposed oil operating annual expenditure from 2.5 to 10 per cent for the host communities. Other stakeholders also gave their backing to increase.