From Kenechukwu Obiajuru, Yenagoa
The Bayelsa State Commissioner for Works and Infrastructure, ESV. Moses Teibowei has commended the Nigeria Institution of Estate Surveyors and Valuers (SIEV), Bayelsa Branch for its MCPD Seminar.
Speaking to newsmen in Yenagoa at the MCPD 2025 Seminar with the theme:” The Estate Surveyor and Valuers and The Petroleum Industry Act (PIA), Teibowei lauded the leadership of SIEV for coming up with a very germane topic the Petroleum Industry Act which is critical to the survival and development of the nation.
He added that the seminar will enable practitioners to be acquainted with the provisions of the Act and their roles, pointing that to the traditional rulers and various community leadership the seminar provides clear understanding of the Act thereby enabling them to work towards demanding what is due them in accordance with the law.
He expressed concerns over the inadequacy of the 13% derivation revenue allocated to oil-producing states, adding that the current percentage is insufficient, considering the country’s revenue generation from the region.
The Commissioner for Works stated that historically, when Nigeria had regions, the derivation formula was more favorable, emphasizing that the current system, where the federal government exploits resources and allocates a mere 13% to the producing regions, is unfair.
When asked if he was advocating for an increase, Teibowei suggested that lawmakers representing Bayelsa State at the National Assembly should push for a higher percentage but however noted that in his opinion, a minimum of 50% derivation revenue would be more suitable for the region.
