The Nigerian Upstream Petroleum Regulatory Commission has registered 172 Host Communities Development Trusts established by oil and gas companies under the Petroleum Industry Act.
The development comes as the regulator intensifies enforcement of the PIA provision requiring oil and gas companies, known as settlors, to contribute three per cent of their operating expenditure in the preceding financial year to the Host Communities Development Trusts.
The NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed this when she led the commission’s management to a meeting with the leadership of the Revenue Mobilisation Allocation and Fiscal Commission in Abuja.
The meeting focused on developments in the upstream petroleum sector and the implementation of provisions of the PIA, particularly those relating to host communities and the obligations of oil and gas companies.
The disclosure was contained in a statement issued on Sunday by the Head of Media and Corporate Communications at the NUPRC, Eniola Akinkuotu.
