NUPRC Registers 172 Community Development Trusts

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has registered 172 Host Communities Development Trusts (HCDTs) established by oil and gas companies under the Petroleum Industry Act (PIA). This initiative mandates that oil and gas companies, referred to as settlors, contribute three percent of their operating expenditure from the previous financial year to these trusts.

Oritsemeyiwa Eyesan, the NUPRC Commission Chief Executive, announced this during a meeting with the Revenue Mobilisation Allocation and Fiscal Commission in Abuja, focusing on the upstream petroleum sector and PIA implementation. The PIA, effective since 2021, aims to enhance the involvement of oil-producing communities in petroleum operations and promote sustainable development.

The funds from the trusts are designated for projects that improve social and economic conditions in host communities. Eyesan confirmed that the trusts have already begun financing essential infrastructure, including schools and hospitals, contributing to improved relations between communities and petroleum companies.