Oil industry operators and petroleum regulators on Wednesday opposed a proposal seeking to compel oil and gas producing companies to contribute three per cent of their annual budgets to the South-South Development Commission.They warned that the levy may discourage investment and undermine the competitiveness of Nigeria’s petroleum industry.The concerns were raised at a resumed public hearing organised by the House of Representatives Committee on the South-South Development Commission on a bill seeking to amend the South-South Development Commission (Establishment) Act, 2025, to strengthen the commission’s funding framework.The hearing brought together petroleum regulators, oil producers, government agencies and other stakeholders to scrutinise the proposed legislation before it proceeds for further legislative consideration.The Chairman of the Committee, Julius Pondi, said the hearing was reconvened to accommodate critical stakeholders who were unable to attend the first session on July 8 because of their participation in the Nigerian Oil and Gas Conference.He said the committee considered it necessary to hear from all relevant stakeholders, given the strategic role of the petroleum sector in the proposed amendment.According to the Delta lawmaker, the amendment is designed to broaden the funding base of the commission to enable it to discharge its mandate of promoting sustainable development across the South-South region.He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. They warned that the levy may discourage investment and undermine the competitiveness of Nigeria’s petroleum industry.The concerns were raised at a resumed public hearing organised by the House of Representatives Committee on the South-South Development Commission on a bill seeking to amend the South-South Development Commission (Establishment) Act, 2025, to strengthen the commission’s funding framework.The hearing brought together petroleum regulators, oil producers, government agencies and other stakeholders to scrutinise the proposed legislation before it proceeds for further legislative consideration.The Chairman of the Committee, Julius Pondi, said the hearing was reconvened to accommodate critical stakeholders who were unable to attend the first session on July 8 because of their participation in the Nigerian Oil and Gas Conference.He said the committee considered it necessary to hear from all relevant stakeholders, given the strategic role of the petroleum sector in the proposed amendment.According to the Delta lawmaker, the amendment is designed to broaden the funding base of the commission to enable it to discharge its mandate of promoting sustainable development across the South-South region.He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The concerns were raised at a resumed public hearing organised by the House of Representatives Committee on the South-South Development Commission on a bill seeking to amend the South-South Development Commission (Establishment) Act, 2025, to strengthen the commission’s funding framework.The hearing brought together petroleum regulators, oil producers, government agencies and other stakeholders to scrutinise the proposed legislation before it proceeds for further legislative consideration.The Chairman of the Committee, Julius Pondi, said the hearing was reconvened to accommodate critical stakeholders who were unable to attend the first session on July 8 because of their participation in the Nigerian Oil and Gas Conference.He said the committee considered it necessary to hear from all relevant stakeholders, given the strategic role of the petroleum sector in the proposed amendment.According to the Delta lawmaker, the amendment is designed to broaden the funding base of the commission to enable it to discharge its mandate of promoting sustainable development across the South-South region.He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The hearing brought together petroleum regulators, oil producers, government agencies and other stakeholders to scrutinise the proposed legislation before it proceeds for further legislative consideration.The Chairman of the Committee, Julius Pondi, said the hearing was reconvened to accommodate critical stakeholders who were unable to attend the first session on July 8 because of their participation in the Nigerian Oil and Gas Conference.He said the committee considered it necessary to hear from all relevant stakeholders, given the strategic role of the petroleum sector in the proposed amendment.According to the Delta lawmaker, the amendment is designed to broaden the funding base of the commission to enable it to discharge its mandate of promoting sustainable development across the South-South region.He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The Chairman of the Committee, Julius Pondi, said the hearing was reconvened to accommodate critical stakeholders who were unable to attend the first session on July 8 because of their participation in the Nigerian Oil and Gas Conference.He said the committee considered it necessary to hear from all relevant stakeholders, given the strategic role of the petroleum sector in the proposed amendment.According to the Delta lawmaker, the amendment is designed to broaden the funding base of the commission to enable it to discharge its mandate of promoting sustainable development across the South-South region.He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. He said the committee considered it necessary to hear from all relevant stakeholders, given the strategic role of the petroleum sector in the proposed amendment.According to the Delta lawmaker, the amendment is designed to broaden the funding base of the commission to enable it to discharge its mandate of promoting sustainable development across the South-South region.He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. According to the Delta lawmaker, the amendment is designed to broaden the funding base of the commission to enable it to discharge its mandate of promoting sustainable development across the South-South region.He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. “We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. However, the proposed funding model drew strong reservations from industry regulators and operators.Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. He, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. Chikwendu argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. He said the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. According to him, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission levy, Host Community Development Trust Fund contributions under the Petroleum Industry Act, Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.”Related NewsJUST IN: Otedola buys N222bn additional First HoldCo shares to boost stakeNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaDangote refinery to consume 2.5% of globally traded crudeThe commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The Nigerian Midstream and Downstream Petroleum Regulatory Authority also echoed similar concerns.Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry.Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. He cautioned that imposing an additional three per cent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the South-South Development Commission without discouraging investment in the oil and gas industry.Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The South-South Development Commission was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The amendment currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives. The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives.