Reps deepen consultations on bill to boost South-South development commission funding
He urged lawmakers to carefully consider the broader economic implications of the proposal to ensure that the funding framework supports the developmental goals of the South-South Development Commission without undermining the sustainability and global competitiveness of Nigeria’s petroleum industry.
He further noted that upstream petroleum operators already shoulder several statutory obligations, including royalties, petroleum taxes, the Niger Delta Development Commission (NDDC) levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act (PIA), Nigerian Content Development Fund contributions, environmental remediation responsibilities and abandonment fund payments.
However, stakeholders from the petroleum sector expressed reservations over aspects of the proposed funding model, particularly a provision requiring oil and gas producing companies operating within the South-South to contribute three per cent of their total annual budgets to the Commission.
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