3% equity shares: Reps step down conference report setting PIB back

It is not yet Uhuru for the Petroleum Industry Bill (PIB) as the House of Representatives Thursday stepped down the report of the Conference Committee of the National Assembly on the Bill.

The action took place a few hours before the commencement of the National Assembly’s annual recess during which Speaker of the House said all legislative activities will be suspended.

Though no reason was adduced, the stepping down is connected with the protest over the adoption of Senate approval of 3 percent operating cost by oil companies to the Host Community Development Trust Fund in the recently passed PIB.

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The House had last two weeks approved 5 percent operating cost by oil companies to the Host Community Development Trust Fund while Senate approved only 3 percent for the same purpose.

Lawmakers from the oil-rich Niger Delta region were in the mood of protest against the 3 percent fund before the arrival of the speaker, Gbajabiamila for the business of the day.

Seen the charged atmosphere upon his arrival, the speaker called for dissolution into executive session after which he asked the chairman of the Conference Committee from the House and chief whip, Mohammed Mongunu to lay the report.

But Mongunu sought the leave of the House to step down the laying of the report and it was granted.