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Gas flaring: Host communities task FG on N98bn fine

The Host Communities of Nigeria Producing Oil and Gas (HOSCON) have urged the Federal Government to release the N98bn gas flare penalty money owed the…

The Host Communities of Nigeria Producing Oil and Gas (HOSCON) have urged the Federal Government to release the N98bn gas flare penalty money owed the oil producing communities.

The National Chairman of the organisation Mr Mike Emuh told newsmen yesterday in Abuja that releasing the money would help to sustain existing peace in the region.

“It is an international law that a 3.5 dollar fine should be paid by oil companies for every 1,000 standard cubic feet of gas flared. The law requires the fund to be paid to the host communities for environmental degradation, pollution and plundering of their communities as a result of gas flaring. Instead, the oil companies pay the fine to the Department of Petroleum Resources. On receipt of the money, the DPR pay the money to the Central Bank of Nigeria, CBN, who later transfer the money to the Federation Account. This is an aberration.” Emuh said.

Emuh also urged the Niger Delta Avengers to suspend its planned hostilities and destruction of oil and gas assets in the region in the interest of peace and development.

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