Oil Communities To Get N165bn Annual Dividend - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / Oil Communities To Get N165bn Annual Dividend (3358 Views)
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| Oil Communities To Get N165bn Annual Dividend by ekubear1: 7:02am On Feb 23, 2011 |
The oil producing communities in the country will get about $1.1bn (N165bn) direct dividend payment from crude oil sales as soon as the Petroleum Industry Bill is passed. According to the Special Adviser to the President on Petroleum, Dr. Emmanuel Egbogah, the planned dividend payment to the oil communities is contained in the yet-to-be-passed PIB. Egbogah, who spoke at the Nigeria Oil and Gas 2011 conference in Abuja, also reiterated that the PIB would soon be passed. The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who also spoke at the event, said that the adoption of the PIB would ensure that Nigeria became part of the global league of countries with the most forward looking petroleum laws. “The upstream will have a new acreage management system in place with robust gas fiscal terms, while incentives will be available for the small fields. Basically, a fair share of value will be allocated to the huge resources available in Nigeria, which will also drive significant growth of the domestic power sector,” she said. On domestic gas supply, the minister, who was represented by the Nigerian National Petroleum Corporation’s Group Executive Director, Exploration and Production, Mr. Andrew Yakubu, said that the Federal Government would ensure that gas supply projections, which currently indicated the attainment of 13 billion standard cubic feet per day by 2015 (with five billion scf/d into the domestic market), became a reality. Alison-Madueke said Nigeria had very large reserves of low-cost gas and an enormous need for power generation. She said, “Without rapid development of the power sector and gas-based industries such as fertiliser, methanol and petrochemicals, on the basis of cheap natural gas, the nation will not achieve its full economic potential. “The PIB proposes a new comprehensive strategy to deal with these issues, which consist of the following key provisions: attractive fiscal terms for the production of gas and condensate through royalties, which are capped at 12.5 per cent, and substantial production allowances on the Nigerian hydrocarbon tax, which creates an overall government’s take of about 65 per cent.” According to her, the bill also proposes the application of new fiscal terms to new projects that eliminate gas flaring or develop deeper gas reservoirs and “a comprehensive gas pricing framework with substantially higher domestic gas prices, linked to international market indicators that will encourage producers to rapidly increase gas production. http://www.punchng.com/Articl.aspx?theartic=Art201102230311431 |
| Re: Oil Communities To Get N165bn Annual Dividend by ekubear1: 7:04am On Feb 23, 2011 |
Sounds like a phenomenal bill. Money for the oil communities, reduction of gas flaring, development of natural gas, increased electricity, and more fertilizer. Is there any downside to this? |
| Re: Oil Communities To Get N165bn Annual Dividend by Beaf: 7:26am On Feb 23, 2011 |
eku_bear: There is no downside. For the first time in our history, we will not be mere onlookers in our oil industry and slaves to Shell, yes it is a phenomenal bill. In the past we had fools that just signed any paper that Shell presented, collected brown envelopes and believed any figure Shell gave as the number of barrels drilled. This is about full local participation and accountability, someone has at last had the guts to stare Shell down without blinking; in fact all licenses have been suspended until the bill is signed. Its a wonderful development, it just needs to be passed, so expext another round of heavy "oiling" to see it through, cos Shell ain't gonna take it lying low. |
| Re: Oil Communities To Get N165bn Annual Dividend by Bawss1(m): 12:15pm On Feb 23, 2011 |
Ahh the bill to solve the Niger Delta issues once and for all. Lets see. . . |
| Re: Oil Communities To Get N165bn Annual Dividend by member479760: 12:16pm On Feb 23, 2011 |
what is oil communities? can anyone add more sugar to it? is it the villages where the oil being drill, county or states? |
| Re: Oil Communities To Get N165bn Annual Dividend by CarlosVent(m): 12:31pm On Feb 23, 2011 |
hope Niger/Delta will have no excuse if their States are not Developed in 2020. |
| Re: Oil Communities To Get N165bn Annual Dividend by Rhino5dm: 12:39pm On Feb 23, 2011 |
NAH! Thesame thieves from Niger delta will hijack the monies, buy new Jeep,build houses, carry woman to hotel. shikenah! while the those retched communities will be use as stakes for aids. NEVER EXPECT ANYTHING GOOD FROM BUNCH OF BLOOD SUCKERS!!! If only the communities will take thier destinies into thier hands. |
| Re: Oil Communities To Get N165bn Annual Dividend by Akanbiedu(m): 1:09pm On Feb 23, 2011 |
Beaf: Suprised that beaf didn't attribute this development to GEJ. WTF happened? |
| Re: Oil Communities To Get N165bn Annual Dividend by Intrepid1(m): 1:11pm On Feb 23, 2011 |
Party don set! |
| Re: Oil Communities To Get N165bn Annual Dividend by Nobody: 1:14pm On Feb 23, 2011 |
Intrepid!: i see more communal clashes ahead.   |
| Re: Oil Communities To Get N165bn Annual Dividend by Intrepid1(m): 1:18pm On Feb 23, 2011 |
~Bluetooth: The 'chiefs' go first share the bulk of the money as soon as the thing hit account, then take off to Abuja and Lagos to do lau-lau! That's after every fuckin' civil servant who has anything to do with the money has taken his or her share o! Goodluck is using every avenue open to him to fill his campaign/rigging financial warchest! Patience Jonathan has already started climaxing in anticipation of the shopping sprees she is going to embark on! |
| Re: Oil Communities To Get N165bn Annual Dividend by otokx(m): 1:21pm On Feb 23, 2011 |
Big lie |
| Re: Oil Communities To Get N165bn Annual Dividend by Akanbiedu(m): 1:23pm On Feb 23, 2011 |
~Bluetooth: very true. We shall soon know the villages that have no oil. |
| Re: Oil Communities To Get N165bn Annual Dividend by delimit(m): 2:16pm On Feb 23, 2011 |
This is good news to Niger delta leaders but bad news to their follower because people like, Diepreye Alamieyeseigha ,akpabio ibori,uduagha,odili and their friends are the one that will benefit from the bills,while the local people will continue in poverty. after looting,they(follower) will start coursing any government (EFCC) that arrest the looters, that the money is for (we)nigerdelta so far it is nigerdelta person that enrich himself with the resources they should leave him alone. just like how people of delta state are fighting for ibori release Nigerdelta people you need to change the way you think |
| Re: Oil Communities To Get N165bn Annual Dividend by Chyz2: 2:27pm On Feb 23, 2011 |
A bill is not going to get the work done. Nothing will happen if the government remains corrupt. Oil communities getting dividends mean what exactly? |
| Re: Oil Communities To Get N165bn Annual Dividend by texazzpete(m): 2:30pm On Feb 23, 2011 |
Same old story. These people keep voting in crooks into power, crooks that will happily pocket all the money heading to their states. If Alams could happily steal 50 billion Naira, why will his successors be any different? The only hope for the Niger Delta people is for them to take their destiny into their own hands and demand accountability from their leaders. Under our own noses the money in the ECA was frittered away with nothing to show for it. There's no limit to the greed of the Nigerian elite. Don't get me wrong. More money in the system is good. Money spent well is even better. |
| Re: Oil Communities To Get N165bn Annual Dividend by proudly9ja(m): 2:54pm On Feb 23, 2011 |
Ask the state governors what they have done with the revenues they have been collecting since 1999. Ask what they did with money allocated to Niger-delta Ministry since last year Ask what they did with money allocated to NDDC for the many years of its existence. While I have nothing but praises for the PIB, I fear it will only go on to produce more Iboris, Alams, Odilis, etc rather than have the direct impact on the communities like it should. |
| Re: Oil Communities To Get N165bn Annual Dividend by EzeUche2(m): 3:21pm On Feb 23, 2011 |
I believe it when I see it. How many bills have they passed to help the Niger Delta, which do not serve the purpose they were assigned to do? I will hold my breath. But Shell needs to pay! |
| Re: Oil Communities To Get N165bn Annual Dividend by Nobody: 3:44pm On Feb 23, 2011 |
this bill will only achieve its purpose if the money is payed directly to indegenes of the oil producing communities or possibly every Nigerian youth like its done in libya and other places |
| Re: Oil Communities To Get N165bn Annual Dividend by Nobody: 3:58pm On Feb 23, 2011 |
aguiyi:You are right,atleast Nigerian leaders to be godly for once. |
| Re: Oil Communities To Get N165bn Annual Dividend by Ibime(m): 4:21pm On Feb 23, 2011 |
If our corrupt leaders want use the money wipe nyash, nothing consign una |
| Re: Oil Communities To Get N165bn Annual Dividend by Nobody: 4:31pm On Feb 23, 2011 |
Ibime: money wey dem don share for Abuja for that year  |
| Re: Oil Communities To Get N165bn Annual Dividend by redsun(m): 4:38pm On Feb 23, 2011 |
Give them a trillion dollar to share,it will still disappear like wet tissue paper.Money is just mere paper,it's the mind behind money that makes it tick.No amount of money will make any difference in nigeria right now with the prevailing mindsets |
| Re: Oil Communities To Get N165bn Annual Dividend by IbitoruA(f): 4:46pm On Feb 23, 2011 |
Who do they think they are deceiving nothing is going to change in the Niger Delta as long as those criminals we call leaders are in charge. they always have one new policy or the other thats supposed to change the condition of people in the Niger Delta but we all know where the money ends up  |
| Re: Oil Communities To Get N165bn Annual Dividend by idr: 4:55pm On Feb 23, 2011 |
One really hope that real development will come to the people with this bill though sincerity of the people is probably more important than any bill that will be passed. Is this the conference where there was 30-mins power failure and there were no back-up generator during the opening ceremony? |
| Re: Oil Communities To Get N165bn Annual Dividend by redsun(m): 5:01pm On Feb 23, 2011 |
Nigerians don't think as communities,they think as lone wolves. |
| Re: Oil Communities To Get N165bn Annual Dividend by Nobody: 5:05pm On Feb 23, 2011 |
redsun:what were they? its every man for himself |
| Re: Oil Communities To Get N165bn Annual Dividend by jude33084(m): 7:09pm On Feb 23, 2011 |
Have they passed it yet?  |
| Re: Oil Communities To Get N165bn Annual Dividend by Beaf: 7:27pm On Feb 23, 2011 |
Rhino.5dm: From your words, people would think your elites did anything but parasite and churn out almajiri's at an industrial scale. What do your folk contribute to Nigeria, except cheap death to Birom babies, women and any who as much as stare at their cattle? |
| Re: Oil Communities To Get N165bn Annual Dividend by blacksta(m): 7:38pm On Feb 23, 2011 |
Beaf: Lol - as usual more delusions - doleing out of money without fixing the underlying core accountability issues. what happened to the 13% derivations - a case of money in and nothing to show for it. Abeg make GEJ bring 165billion make we share am fast - I want to buy choice properties in Abuja, Dubai , Lagos and London. Who cares about ND people.  abeg let them find road cleaning jobs. |
| Re: Oil Communities To Get N165bn Annual Dividend by Beaf: 7:51pm On Feb 23, 2011 |
blacksta: I like hearing unintelligent people quack, its quite a funny sound, and evidence to the mystery of how hoards of the damned daft continue to procreate! Do you know the meaning of mono-economy? |
| Re: Oil Communities To Get N165bn Annual Dividend by blacksta(m): 8:01pm On Feb 23, 2011 |
Beaf: lol - unintelligent people like beaf - who argues out of his yansh - wetin concern topic with mono-economy - Is Nigeria not a confirmed mono economy - bloody rent seeking nation - what is the major source of revenue in Nigeria ? How does doling out more money to region where their leaders will clean out the coffers solve the issue of mono economy. Where is Niger delta ministry today -- another money siphoning tool. |
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