The oil and gas host communities, who were previously pleading for marginalization and abandonment, now have more leeway thanks to the creation of the Host Communities Development Trust in the Petroleum Industry Acts (PIA). Nowadays, the majority of host towns in the Niger Delta region are commemorating projects, awarding scholarships, providing indigenous people with training, and even announcing surplus cash from the development trust.According to Daily Trust, oil corporations are required by section 235 of the Petroleum Industry Act of 2021 to establish Host Community Development Trusts for the benefit of the host communities in which they conduct business. According to the HCDT, oil companies must deposit three percent of their operational expenses from the previous fiscal year into a trust fund that will be kept in a BBB-rated bank.
About The Author
