President Muhammadu Buhari on Friday assured that his administration may consider the review of the 13 per cent derivation formula constitutionally provided for oil producing states in order to reduce agitations in the Niger Delta region ensure socio-economic wellbeing of the people.
The President’s promise was given when the Isoko Traditional Rulers and personalities led by His Majesty Ovrawah, Omogha 1, Odiologbo of Oleh, visited the President at in Abuja.
Buhari noted that the Isoko kingdom and other communities in the Niger Delta region had eminent citizens that have distinguished themselves in various professional and entrepreneurial endeavours, but lamented the under-development in the community and others in the region.
He said: “I will look at the constitutional 13 per cent derivation and what previous governments have done, in order to know what we can do.
“I have listened attentively to your address and I will still update myself with details of development in your area as it relates to oil and gas, and lack of infrastructure”, the President added.
On the request by Isoko Traditional Rulers Council to the Federal Government to utilize the eight oil fields of flow stations in Isoko land, to establish a gas plant and a modular refinery in the land, the President assured that he revisit the issue and do his best on this issue.
Earlier in his remarks, the President General of the Isoko Development Union and spokesman of the traditional rulers, High Chief Iduh Amadhe, decried the fact that 15 oil wells in the Isoko section of OML 28 had become un-operational since November 29, 2011 by SPDC, thereby depriving the country of daily production of 19,000 barrels of crude oil.
The monarchs explained that the modular refinery would be beneficial not only to the region and also the nation in terms of job creation, income generation and improved lives for the citizenry.
Recalling that Isoko kingdom was the second place where oil was discovered in 1958 at Uzere immediately after Oloibiri, in present Bayelsa State, the monarchs appealed to government to prevail on the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to prevail on the management of NNPC/SPDC to immediately commence production in the Isoko Section of OML 28 -Uzere East – to boost government’s revenue and improved development of the area.
This is even as they charged the government to order the oil companies operating in their land to create an enabling environment for investors to convert the gas being flared to electricity and for the oil existence of a modular refinery and the Ministry of Niger Delta to capture Isoko land in the siting of projects, amongst other demands
