NUPRC Visits RMAFC,
Says 172 Host Community Development Trusts Incorporated The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says 172 Host Communities Development Trusts (HCDTs) have been incorporated by oil and gas companies (settlors) so far. Under the Petroleum Industry Act, oil and gas companies are mandated to contribute 3% of their Operating Expenditure (OPEX) of the preceding financial year to a Host Communities Trust Fund for the benefit of such communities. Addressing the leadership of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in Abuja, Eyesan said the NUPRC has been enforcing the provisions of the Petroleum Industry Act especially those relating to host communities and the obligations of operating companies. “We have laid out procedures for doing things and we have put regulations in place to streamline the process. So far, we have registered 172 HCDTs and we have been able to manage contributions by settlors,” The NUPRC boss stated. Eyesan said the HCDT whic...