*Seeks Act amendment
Lagos — President Muhammadu Buhari on Tuesday ignored agitations and demand for five percent allocation to host community as he seeks the permission of the Senate for an amendment of the Petroleum Industry Act, PIA.
President Buhari had on Tuesday proposed a new amendment, only seeking the senators’ approval to increase the numbers of the non-executive board members of each of the regulatory agencies from two to six, in order to capture the six geopolitical zones.
The proposal by the President did not address concerns of the South-South stakeholders.
He said, “The Petroleum Industry Act 2021 provided for the appointment of two non-executive members for the board of the two regulatory institutions.
“I am of the view that this membership limitation has not addressed the principle of balanced geopolitical representation of the country.
“Therefore, I pray for the intervention of the 9th Assembly to correct this oversight in the interest of our national unity.
“Needless to add that this amendment will provide a sense of participation and inclusion to almost every section of the country in the decision making of strategic institutions such as oil industry.
“If this amendment is approved, it will now increase the number of the non-executive members from two to six; that is one person from each of the six geopolitical zones of the country.”
The joint National Assembly committees that worked on the PIB had proposed a five percent equity share for the development of the host communities.
However, while the House of Representatives approved the panel’s recommendation, it was reduced to three percent by the Senate.
The conference committee set up by the presiding officers of both chambers in their recommendation, fixed the equity share at three percent and was invariably approved by the National Assembly.
The development generated into controversy with senators from the South-South geopolitical zone kicking against it and asked Buhari to resolve the impasse by seeking amendment to increase the equity share to five percent.