The new Petroleum Industry Bill states that oil-producing communities should be allocated three per cent of the profits made from oil
proceeds. The Niger Delta groups are demanding 10 per cent in their proposal to the National Assembly. The National Assembly committee that reviewed all the proposals suggested five per cent.
In the original Petroleum Industry Bill there was no mention of money for frontier states, but what was finally passed as the bill allocates thirty per cent of the total oil revenue/profits of the Nigerian National Petroleum Corporation to the prospecting of oil in frontier states like Bauchi, Maiduguri, and Lake Chad regions. For the sake of the unity of Nigeria, an urgent review of this percentage needs to be done to be commensurate with what the Niger Delta groups are requesting.
Nigeria earned $997.1 billion in 28 to 31 years from the sale of crude oil according to the Organisation of Petroleum Exporting Countries .
Finally, there is a very urgent need to also review the national minimum wage of N30,000 for workers. Serious efforts should be made to regulate the prices of goods and services. It is high time we started looking inwards beyond oil and gas by largely exploring opportunities, especially in the areas of Agriculture, mining, exports, tourism, maritime, and technology.
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