• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, June 4, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Derivation fund must go to host communities

The Matters Press by The Matters Press
December 15, 2018
Reading Time: 2 mins read
0
Derivation fund must go to host communities

PRESIDENT BUHARI RECEIVES HOSCON (OIL PROD COMMUNITIES) 3A-C. President Muhammadu Buhari receives document from the HOSCON Chairman Board of Trustee, HRM King Alfred Diete-Spiff during a courtesy visit the host Communities of Nigeria producing Oil and Gas (HOSCON) held at the Council Chambers, State House, Abuja. PHOTO; SUNDAY AGHAEZE DEC 14 2018

President Buhari receives document from the HOSCON Chairman Board of Trustee, HRM King Alfred Diete-Spiff.

President Muhammadu Buhari has assured the Board of Trustees of the Host Communities of Nigeria producing Oil and Gas (HOSCON) that communities would continue to receive the 13 per cent derivation fund.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

IMPI urges media to consider national interest in reporting security challenges

President Buhari said he would do everything within the law to ensure that the communities received the fund.

The president made the pledge when he received the Board of Trustees of the Host Communities of Nigeria producing Oil and Gas (HOSCON) led by its Chairman, King Alfred Diete-Spiff, at the Presidential Villa, Abuja, on Friday.

Buhari told the board led by the Chairman, King Alfred Diete-Spiff, that his administration would ensure that the 13 per cent derivation fund being enjoyed by the states in the Niger Delta Region was judiciously utilized.

According to him, the derivation fund is constitutionally enshrined and hence all affected oil communities must partake in it.

“The relevant constitutional laws regarding the 13 per cent derivation fund must be duly observed by the affected state governments in the Niger Delta region,’’ he said.

The president however, urged leaders in the region to continue to educate the youths in their respective domains on the need to shun any act capable of disrupting peace and stability in the area.

Earlier in his remarks, Diete-Spiff, who is also the Amayanabo of Twon-Brass, announced that HOSCON was negotiating with foreign investors/partners on mechanized agriculture, modular refineries, fertilizer plant and gas utility plant/electricity generating project.

Diete-Spiff, who was also the first military governor of old Rivers State, presented HOSCON’s top priority demands to the federal government.

The demands included the release of accrued gas flare penalty money amounting to N98 billion to the host communities.

“Agitation for the payment of gas flare penalty fund to HOSCON is ongoing and has secured the listening ears of the Vice President and hopefully that of Mr President himself.

“We wish to state unequivocally with full assurance that if these requests of the host communities are granted, HOSCON will ensure that the funds are judiciously utilized,’’ he said.

The HOSCON leader said the gesture would economically uplift and empower the Niger Delta people, stop crude theft, youth militancy, pipeline vandalism and illegal refineries.

Tags: Derivation fund
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Senate probes $3.5b with NNPC
Economy/Technology

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

May 30, 2025
Next Post
Nigeria, nine others fail to sign air market deal

Nigeria, nine others fail to sign air market deal

Egypt’s economic strides excite AfDB

AfDB approves $7.2b for 2018 package

Recommended Stories

Politics hampers NSE in 2018

Stock Exchange commits to transparent market

December 16, 2020
Nigeria targets $1trn GDP growth in 8 years – Cardoso

Cardoso clarifies Importation status of 43 items

November 25, 2023
5G network for launch 2020

Nigeria for $100m Indian loan

January 18, 2019

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us