Wednesday 2 March 2011

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.'

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© 2011 Menas Associates

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