BREAKING: Senate Passes PIB, Announces Host Community Fund

• The Senate has on Thursday passed the (Petroleum Industry Bill).

EKO HOT BLOG reports that the Senate has passed the conference report of the National Assembly on the Petroleum Industry Bill (PIB).

The report as passed by the upper chamber on Thursday pegged contributions to the host communities development trust fund at three percent of the operating expenditure of oil companies in the South-South region.

EKO HOT BLOG reports that the report of the PIB was submitted for consideration by the federal lawmakers at the plenary on Thursday.

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It was gathered that prior to the approval of the proposed legislation through voice votes, senators from the South-South geopolitical zone protested against the proposed three percent equity share for the oil host communities.

However, the Senate President, Ahmad Lawan, prevailed on the former governor of Bayelsa State, Senator Seriake Dickson, to back down on his threat to lead his colleagues to stage a walkout.

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