PIB: Senate sustains 3% equity share for host communities

The Senate on Thursday passed a harmonised version of the Petroleum Industry Bill (PIB), opting for 3 percent for host communities for funding of the Host Communities Trust Fund.

The PIB, formally known as a Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities, was passed by both houses of the National Assembly on Thursday, July 1.

With this development, the Conference Committee has adopted the Senate version which had, last week, approved 3 percent, while the House of Representatives settled for five when the PIB was passed.

Also, the house of representatives was thrown into a rowdy session on Thursday following a protest by a lawmaker from Rivers state, Chinyere Igwe who walked around the floor chanting “the PIB report is a fraud”.

Read also: PIB: Esele picks faults with governors, N/Assembly

Igwe was reported protesting the adoption of 3 percent of operational expenditure as what is due for host communities in the Petroleum Industry Bill (PIB) by the conference committee set up by both the lower chamber and the senate.

The Conference Committee has also adopted the 3percent approved frontier basins development for oil exploration as approved by the Senate last week.

With the adoption of the report, the Bill will be transmitted to the President for assent into law.