Home Economy N/Delta 10th National Assembly members to push for upward review of 13% derivation formula

N/Delta 10th National Assembly members to push for upward review of 13% derivation formula

by Business News Report

Bayelsa State government has urged members of the incoming 10th National Assembly from the Niger Delta to vigorously agitate for an upward review of the 13 per cent crude oil derivation formula to a minimum of 25 per cent. The state governor, Senator Douye Diri gave the charge at the State Executive Council meeting, Wednesday in Yenagoa. Represented by his deputy, Senator Lawrence Ewhrudjakpo, the governor expressed regret that the 13 per cent oil derivation formula which was subject to a periodic review has remained stagnant since 2003. He also called on the President-Elect, Senator Bola Tinubu, to fulfill his promises, especially on resource control for the sake of equity and fairness to the people of the Niger Delta, who are suffering the brunt of crude oil production in the country.

His words “we use this opportunity to encourage our members in the National Assembly to agitate for the upward review of the 13 per cent derivation formula which has remained stagnant for too long. Since 2003, the derivation formula has remained unchanged. We believe that the incoming administration of Senator Bola Tinubu who is an advocate of resource control, when he gets on the saddles as president. The incoming President has to make an improvement on the current 13 per cent derivation formula to make it a minimum of 25 per cent  for a start and a maximum of 80 per cent before he leaves office.” While expressing appreciation to Bayelsans for their large turn out on Tuesday to celebrate and honour Iate Ijaw icon, Major  Isaac Adaka Boro, he recalled that the issues of Boro’s struggle which included injustice, inequality, self-determination and self-recognition still persist.

He asserted that the Ijaws who were the largest tribe before being balkanized into several states by the Nigerian state following the Arthur Richard Constitution, deserved to be accorded recognition, which is one of the issues Boro agitated for. While applauding Bayelsans particularly the youths for their peaceful conduct during the Boro Day celebration, he stressed the need for them to recalibrate their approach towards actualising the Ijaw struggle. He also reiterated his call on the youths to be law abiding before, during and after the November 11 governorship election in the state and always engage themselves in meaningful endeavours. “I also want to commend our youths who gave a better representation of Boro during this year’s celebration. We are happy that there was no brigandage and no criminality. Our youths need to recalibrate their approach to the Ijaw struggle so that investors will find our environment friendly. By our actions or inactions we have scared investors away to other parts of the country. So, let us now turn a new leaf for our own good,” he said.

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