BusinessOil & GasPoliticsSenate Approves 3% of Oil Revenue To Host Communities As It Passes Petroleum Industry Bill

The Senate on Thursday passed the Petroleum Industry Bill (PIB) and approved 3 percent for the host communities.

The red chamber passed the PIB, 2021 after the clause by clause consideration for the report of its joint committee on Petroleum (Upstream, Downstream, and Gas) on PIB.

With neglect to the protests from the South-South lawmakers, who were advocating for 5 percent, the Senate approved three percent for the host communities.

The Senate had before then held a closed session with the Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.

Senate President Ahmad Lawan congratulated the lawmakers and said the Ninth National Assembly has achieved one of its fundamental legislative agendas.

“The demons (of PIB) have been defeated in this Chamber. We have passed the bill,” he said.

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