Chairman, Senate Committee on Petroleum Resources (Upstream), Senator Tayo Alasoadura yesterday disclosed plan by the upper chamber of the National Assembly to enact a law mandating all oil producing companies to statutorily contribute to the funding of the Petroleum Technology Development Fund PTDF.
Alasoadura, who made the disclosure at the 1st PTDF Oil Exploration Production Companies Summit held in Abuja, noted that the agency had extensive liabilities in the course of executing its institutional and human capacity building programmes due to non release of its statutory funds as at when due.
“The Act establishing PTDF provides for its individual source of funding sums received by the federal government in respect of oil prospecting, mining concessions.
“Over the years the PTDF monies in its reserve account with the Central Bank of Nigeria are not readily available to it as when due. In fact, from the records that I have, as Chairman Senate Committee on Petroleum Resources Upstream, most of their funds are not even released to them of recent. And I believe that building human capacity is not a tea party.
“It is something you must put money into to ensure that such monies are put into the use for which they were made. The regular and non release of these statutory allocations has led to accumulation of huge and extensive liabilities for the establishment in the course of executing its institutional and human capacity building programmes respectively. Invariably, this led to scaling down of the operations of PTDF.
“In fact, we in the legislature are thinking that we may have to pass a law to ask the respective oil producing organizations, both private and public oil producing establishments, to contribute a certain percentage of its training budget as statutory to PTDF because what we have now is voluntary. And we want to make it compulsory that such monies should be released to PTDF.
“This summit principally aims at exploring the diverse opportunities following the intent and purposes of section 1, paragraph C of the PTDF Act of 1964. And to further address the deficit in funding of the Fund occasioned by the non consistent release of the statutory reserve of the CBN as to ensure sustained additional funding to compliment programmes and projects of PTDF” he said.
Also speaking at the occasion, the Minister of State for Petroleum Resources Dr. Ibe Kachikwu stated that the summit is a strategic approach to collaborate with industry players in the oil and gas on the need for a more sustainable approach to funding and other activities.
The minister who was represented at the occasion by the Permamnet Secretary in the Ministry of Petroleum Resources, Dr. Jamila SHuara, noted that the summit became necessary as contemporary developments in global oil and gas market have substantially affected exploration and investments in the sector.
The Acting Executive Secretary of PTDF, Ahmed Galadima Aminu said the summit provides efficient collaboration between the agency and its stakeholders in the development of capacity building.
According to him, generosity to the agency is a generosity to many indigent Nigerians who are only able to achieve their dreams through the agency’s scholarship programmes.

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