The Senate and House of Representatives have passed the Petroleum Industry Bill and approved 3 per cent for the host communities.
The Upper and Lower Chambers of the National Assembly passed the PIB respectively on Thursday.
The Senate passed the legislation after the consideration of the report of its joint committee on Petroleum (Upstream, Downstream and Gas) on PIB.
While the House passed the bill into law after considering the report of the Ad hoc Committee on PIB.
However, the Senate approved three per cent for the host communities as against the 5 percent advocated for by South-South lawmakers, while the House of Representatives approved 5 per cent.
Before the bill was passed, the Senate held a closed door session with the Minister of State for Petroleum, Timipre Sylva and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari.
Senate President, Ahmad Lawan, congratulated the lawmakers and said the Ninth National Assembly has achieved one of its fundamental legislative agenda.
“The demons (of PIB) have been defeated in this Chamber. We have passed the bill,” he said.
