President Mohammadu Buhari says his administration will ensure that host communities of Nigeria producing oil and gas resources derived maximum benefits from the 13 per cent derivation fund.
The President stated this when he received members of 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 Aso Rock Villa, Abuja.
President Buhari pledged 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 the President, the derivation fund was constitutionally enshrined and hence all affected oil communities must partake in it.
President Buhari called on leaders in the Niger Delta 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, King Diete-Spiff, who is also the Amayanabo of Twon-Brass, said that HOSCON was negotiating with foreign investors and partners on mechanized agriculture, modular refineries, fertilizer plant and gas utility plant/electricity generating project.
King Diete-Spiff, who was also the first military governor of old Rivers State, presented HOSCON’s top priority demands to the federal government which included the release of accrued gas flare penalty money amounting to N98billion to the host communities.