Close Menu
    What's Hot

    Reforms Restoring Stability, Investor Confidence – Tinubu

    June 12, 2026

    Oil Prices Dip Below $90 on Potential US-Iran Deal

    June 12, 2026

    ECB Hikes Rates 25bps, Targets 3% Inflation for 2026

    June 12, 2026
    Facebook X (Twitter) Instagram
    • Home
    • About Us
    Facebook X (Twitter) Instagram WhatsApp
    MarketForces AfricaMarketForces Africa
    Subscribe
    Friday, June 12
    • Home
    • News
    • Analysis
    • Economy
    • Mobile Banking
    • Entrepreneurship
    MarketForces AfricaMarketForces Africa
    MarketForces Africa » MarketForces News » FG Fails to Remit Niger Delta Gas Flare Revenues – Diri
    News

    FG Fails to Remit Niger Delta Gas Flare Revenues – Diri

    Julius AlagbeBy Julius AlagbeOctober 28, 2024Updated:October 28, 2024No Comments4 Mins Read
    Share Facebook Twitter Pinterest Copy Link LinkedIn Tumblr Email VKontakte Telegram
    FG Fails to Remit Niger Delta Gas Flare Revenues - Diri
    Share
    Facebook Twitter Pinterest Email Copy Link

    FG Fails to Remit Niger Delta Gas Flare Revenues – Diri

    Governor of Bayelsa State, Senator Douye Diri, has bemoaned the failure of the Federal Government to remit to Niger Delta states revenues from gas flare fines and royalties paid by oil firms to its coffers.

    Governor Diri said the oil producing states and indeed the communities in the region that bear the brunt of gas flaring have been deprived of the revenue accruing to the Federal Government over the years.

    He again lamented the situation where oil companies situate their administrative offices far from their operational bases and shortchanging states like Bayelsa of personal income and other taxes.

    Senator Diri stated this on Monday during an expanded state executive council meeting during which the final report of the Bayelsa State Oil and Environment Commission (BSOEC) was presented in Government House, Yenagoa.

    Commenting on the report titled: “An Environmental Genocide: Counting the Human and Environmental Cost of Oil in Bayelsa, Nigeria,” he said the impact of oil pollution to both humans and the environment were alarming.

    While formally dissolving the commission with effect from October 31, 2024, the Bayelsa helmsman said it was saddening to read that, “Bayelsa is estimated to have suffered over a quarter of total recorded instances of oil pollution in Nigeria.

    “The staggering disparity underscores the inequitable distribution of environmental burdens. Bayelsa State bears 25% of Nigeria’s oil pollution. The sheer scale of devastation paints a dire picture, disconcertingly reminiscent of an environmental Armageddon.”

    Governor Diri also stated that according to the report, “between 1970 and 2014, Nigeria earned an estimated trillion dollars in oil revenue, and since 2006, oil produced in Bayelsa generated over $150 billion for the Federal Government and billions for the international oil companies that operate its wells. On average, oil produced in Bayelsa is responsible for approximately $10 billion in government revenues per year.”

    He noted that the state was encouraged by the revelation in the report that “in most advanced industrialised countries, two basic principles – ‘polluter pays’ and ‘no fault liability’ – form the cornerstone of the legal regime for regulating extractive industries. Taken together, they mean that those that own and operate facilities are responsible for the damage caused by their pollution even if they are not at fault.”

    Describing the report as heartbreaking, he lamented that the magnitude of devastation across communities paints a grim picture of their survival. Diri assured that a committee would be set up to look into the commission’s recommendations with a view to ensuring its implementation.

    He re-echoed the commission’s recommendation of “concerted international action to generate and invest at least $12 billion over the course of 12 years to repair, remediate and restore the environmental and public health damage caused by oil and gas and to lay the foundations for Bayelsa’s just transition towards renewable energy and opportunities for alternative livelihoods” justifies our persistent claim for reparation.”

    Diri commended his predecessor, Senator Seriake Dickson, for his vision in establishing the commission in March 2018 as well as its chairman, The Rt. Revd. and Rt. Hon. Lord John Tucker Mugabi Sentamu and his team for the exceptional work.

    In his remarks, Dr John Sentamu, who is the former Archbishop of York, said the oil companies were negligent in their operations and called for the creation of an estimated $12 billion fund to support remediation efforts.

    Also speaking, chairman of the Bayelsa State Traditional Rulers Council and Ibenanowei of Ekpetiama Kingdom, King Bubaraye Dakolo, who described the event as one of the greatest achievements in governance, said there was finally evidence to prove the devastation to both human and environmental health caused by oil and gas exploration and exploitation.

    The monarch said Bayelsans were paying heavily for the enjoyment of the oil and gas resources by others outside the state and the region. Other members of the commission present at the event included the Chair, BSOEC Expert Working Group, and Director, Politics and Governance, Overseas Development Institute, United Kingdom, Dr Kathryn Nwajiakwu-Dahou.

    Others are Head of the School of Law, University of Bradford, United Kingdom, Prof. Engobo Emeseh, Department of Environmental and Urban Change, York University, Canada, Prof. Anna Zalik, Professor Emeritus, University of California, Berkeley, California and Long Term Non-Resident Fellow, Swedish Collegium for Advanced Study, Uppsala, Sweden, Prof. Michael Watts, and Coordinator, Social Action International, Dr Isaac Asume Osuoka.

    Also present were Harvir Kaur Sanga from the BSOEC Secretariat, Head of Business and Human Rights and Deputy Programme Director · Amnesty International, United Kingdom, Mr. Mark Dummet, Chairman, Human and Environment Development Agenda (HEDA), Olanrewaju Suraju as well as the Executive Director, Health of Mother Earth Foundation (HOMEF), Rev. Nnimmo Bassey, and environmental activist, Ms Annkio Briggs among others.  Naira Rises against US Dollar Ahead of Sept. FX Auction

    Niger Delta
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram Copy Link
    Julius Alagbe
    • Website
    • LinkedIn

    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

    Related Posts

    News

    Reforms Restoring Stability, Investor Confidence – Tinubu

    June 12, 2026
    News

    Oil Prices Dip Below $90 on Potential US-Iran Deal

    June 12, 2026
    News

    ECB Hikes Rates 25bps, Targets 3% Inflation for 2026

    June 12, 2026
    News

    Rand Slides as World Bank Cuts South Africa’s 2026 GDP Growth

    June 12, 2026
    News

    Wall St, European Markets Surge on AI Stock Rally Ahead of SpaceX Debut

    June 12, 2026
    News

    Fitch Affirms African Development Bank at ‘AAA’, Outlook Stable

    June 11, 2026
    Add A Comment

    Comments are closed.

    Editors Picks

    Reforms Restoring Stability, Investor Confidence – Tinubu

    June 12, 2026

    Oil Prices Dip Below $90 on Potential US-Iran Deal

    June 12, 2026

    ECB Hikes Rates 25bps, Targets 3% Inflation for 2026

    June 12, 2026

    Rand Slides as World Bank Cuts South Africa’s 2026 GDP Growth

    June 12, 2026
    Latest Posts

    Reforms Restoring Stability, Investor Confidence – Tinubu

    June 12, 2026

    Oil Prices Dip Below $90 on Potential US-Iran Deal

    June 12, 2026

    ECB Hikes Rates 25bps, Targets 3% Inflation for 2026

    June 12, 2026

    Rand Slides as World Bank Cuts South Africa’s 2026 GDP Growth

    June 12, 2026

    Wall St, European Markets Surge on AI Stock Rally Ahead of SpaceX Debut

    June 12, 2026

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    About US
    About US

    MarketForces Africa is a financial information service provider with interest in media, training and research. The media platform provides information about markets, economies, and crypto, forex markets and investment ecosystem.

    Contact Us:
    Suite 4, Felicity Plaza, Freedom Estate Drive, Lagos-Ibadan Express Road, Magboro
    T: . 08076677707, 08052076440

    Facebook X (Twitter) Instagram Pinterest YouTube
    Latest Posts

    Reforms Restoring Stability, Investor Confidence – Tinubu

    June 12, 2026

    Oil Prices Dip Below $90 on Potential US-Iran Deal

    June 12, 2026

    ECB Hikes Rates 25bps, Targets 3% Inflation for 2026

    June 12, 2026

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2026 Marketforces Africa
    • About
    • Contact us
    • Subscription Plans
    • My account

    Type above and press Enter to search. Press Esc to cancel.