The Senator representing Edo South Senatorial District at the National Assembly, Pharm. Matthew Urhoghide, has said the 30 percent allocated for oil exploration in frontier basins as contained in the Petroleum Industry Act (PIA) is not limited to the North.
Urhoghide said, “Contrary to misconception regarding the Chad basins, we have over six basins including Anambra basin.. there is one in Kwara and Gombe.
“For instance, we have been hearing of crude oil in Anambra State. Also there are crude oil deposits in Ebony state. So, these states put together is called Anambra basin.”
The Senator who is the Senate committee chairman on public accounts disclosed this at the Correspondents’ Media Forum in Benin City, the Edo state capital.
He described the 30 percent fund as an investment and not a commitment.
According to him, “the fund would be sourced from the Nigeria National Petroleum Corporation (NNPC) accrued profit”.
On the 3 percent allocated for the development of host communities in the PIA, Urhoghide said the decision was adopted in line with indices that are dictated internationally.
He further stated that 100 percent of the proceeds from penalties arising from gas flaring was also allocated to host communities “to remediate environment and welfare of the people”
“So, these are silent facts of the Act that people don’t talk about,” the Senator said.