fbpx
Breaking NewsCOVERNEWSLETTEROIL & GAS

BREAKING: Senate Okays 3% For Host Communities In Harmonised PIB Despite Protests

BREAKING: Senate Okays 3% For Host Communities In Harmonised PIB Despite Protests

The Senate on Thursday passed the harmonised Petroleum Industry Bill (PIB) after it was worked on by a conference committee of both chambers of the National Assembly last week.

The harmonised version of the PIB was submitted for consideration by the federal lawmakers on Thursday at the plenary.

The Conference Committee adopted the 3 percent share for host communities and 30 percent approved for frontier basins development for oil exploration by the Senate last week.

However, prior to the approval of the PIB, lawmakers from the South-South geopolitical zone protested against the proposed three percent equity share allocated to the host communities.

READ ALSO: Buhari’s Assent To PIB Will End Petrol Subsidy – Minister

The lawmakers from Niger Delta protested against the reduction in the amount allocated to host communities and demanded a five percent share for host communities in the region.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.