Oil industry operators and petroleum regulators on Wednesday opposed a proposal seeking to compel oil and gas producing companies to contribute three per cent of their annual budgets to the South-South Development Commission.
They warned that the levy may discourage investment and undermine the competitiveness of Nigeria’s petroleum industry.
The concerns were raised at a resumed public hearing organised by the House of Representatives Committee on the South-South Development Commission on a bill seeking to amend the South-South Development Commission (Establishment) Act, 2025, to strengthen the commission’s funding framework.
The hearing brought together petroleum regulators, oil producers, government agencies and other stakeholders to scrutinise the proposed legislation before it proceeds for further legislative consideration.
The Chairman of the Committee, Julius Pondi, said the hearing was reconvened to accommodate critical stakeholders who were unable to attend the first session on July 8 because of their participation in the Nigerian Oil and Gas Conference.
