PIB: INC Insists On 5% Equity Allocation To Oil Producing Areas

The Ijaw National Congress (INC) has described as unacceptable the 3% equity allocation to oil producing areas recommended by the National Assembly in the recently passed Petroleum Industry Bill (PIB) insisting on a minimum of 5%.

In a statement, the spokesperson of the group, Oyakemeagbegha Ezonebi, said no effort would be spared towards ensuring that 5% equity was allocated to oil producing areas of the Niger Delta, and flayed a group of Ijaw elders  which recently visited the Minister of State, Petroleum, Chief Timipre Sylva, for applauding him for his role in the 3% allocation in the Petroleum Industry Bill.

He stated that the 5% option would have been chosen to assuage the fears of the people of Niger Delta, stressing that the region should have significant value for its oil wealth.

Ezonebi maintained that the Niger Delta deserved a better deal, emphasizing that 5% equity allocation was not too much for a region that had sustained the nation’s economy, with virtually nothing to show for it.

The Ijaw apex group recalled that the northern part of the country had supported the 5% equity earlier suggested before the passage of the PIB and wondered why the 3% option had to fly, just as it argued that it was unthinkable for any person or group of Ijaw people  to prefer 3% to 5%.

It affirned its demand for a minimum of 5%, insisting that the resource justice was paramount to the Niger Delta and nothing less than 5% would be excepted.

Ezonebi appealed to the various Ijaw groups in the country to speak in one voice and allow the INC, which is the apex socio cultural organisation of the Ijaw nation, to speak on national issues as they concerned the ljaw nation.