Oil-hosting communities get payout

The presidential adviser on petroleum matters, Emmanuel Egbogah, has revealed that the fed­eral government has worked out a new dividend payment formula for oil-hosting communities that will see them receive $1.1 billion in annual dividends. That is much higher than the $600 million annual dividend payment that Minister of Petroleum Resources Diezani Allison-Madueke had previously announced.

According to Egbogah, the onset of the amnesty programme has brought about an increase in Nigeria's production levels and thus it is perti­nent that the federal government seek a lasting solution to issues of militancy in the Niger Delta by coming through with its promise to pay divi­dends to oil-hosting communities. He also noted that the previous figure was 'not quite correct.'

For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.

© 2011 Menas Associates