NUPRC enforces 3% oil levy, registers 172 community devt trusts

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has registered 172 Host Communities Development Trusts established by oil and gas companies under the Petroleum Industry Act. This move is part of the regulator's efforts to enforce the Petroleum Industry Act (PIA) provision that requires oil and gas companies, known as settlors, to contribute three percent of their operating expenditure in the preceding financial year to the Host Communities Development Trusts.

The NUPRC's Chief Executive, Oritsemeyiwa Eyesan, disclosed this during 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 registration of these trusts is expected to provide oil-producing communities with a direct stake in petroleum operations and promote sustainable development in areas hosting oil and gas facilities.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.