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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Financials

Oil communities demand 50pct Excess Crude fund

Posted on 04 June 2010

From Vanguardngr.com: Oil producing communities and other stakeholders in Delta State have demanded the inclusion of proceeds from the Excess Crude Account to the 50 percent of the 13 percent Derivation Fund allocated to the Delta State Oil Producing Areas Development Commission, DESOPADEC, by the state government.
Each speaker at a brainstorming session by a Committee recently inaugurated by the state government to review the laws of DESOPADEC, yesterday, at Effurun, Delta State, frowned at a situation where money from the Excess Crude Account was not calculated as part of the money that should go into the funding of DESOPADEC activities………………………………………..Full Article: Source


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