Nigeria’s Oil Minister, Senator Heineken Lokpobiri, has said host communities must have their Trust Funds properly established in line with the PIA’s provisions to access the benefits outlined in the law.
This is as he said the Host Community Trust Fund is a crucial component of the Petroleum Industry Act, PIA, designed to ensure that Host Communities benefit from the energy sector.
The Minister stated this while engaging with a team from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by the Executive Director for Hostcom, Mrs Ejiro Ufondu, to address key implementation challenges.
He noted that given that this is the first time of implementing the PIA, periodic measures are being introduced to ensure its proper execution.
He revealed that critical measures were also adopted during the engagement which are geared towards ensuring that every host community’s Trust Fund is set up for access by the communities.
“These periodic reviews serve the best interests of all stakeholders, ensuring equitable participation while maintaining sustainable production in our energy sector,” Lokpobiri added.
