Oil and gas companies operating in Nigeria remitted a total of N57.07bn to Host Community Development Trusts in 2024, the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, has disclosed.
The figure was contained in a report of the commission obtained by The PUNCH on Monday. The report stated that the fund represents three per cent of the actual annual expenditure of the oil firms for the preceding year, in line with the Petroleum Industry Act.
The report noted that this brought the total contributions made so far to the Host Community Development Trusts to N65.15bn if added to the N8.45bn remitted in 2023.
NUPRC stated that a total of 207 applications for Host Community Development Trusts were received, of which 154 Trusts were approved, and 136 were successfully registered with the Corporate Affairs Commission.
On project management, the report disclosed that 32 fund managers were approved to oversee fund disbursement and that 187 projects were ongoing across the various Trusts.
