The Senate has passed the harmonized Petroleum Industry Bill (PIB) after it was submitted for consideration by the conference committee of the National Assembly.
The Conference Committee adopted 3% as the actual allocation to host communities in the Petroleum Industry Bill (PIB).
The committee of the Senate and House of Representatives on a Bill for an Act to provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry adopted 3 percent as the actual annual operating expenditure of the preceding financial year in the upstream petroleum operations affecting the host communities on Thursday during plenary.
Recall that while passing the bill about two weeks ago, the Senate approved 3% for host communities while the House of Representatives approved 5%.
However, on Thursday, the conference committee of both chambers adopted the Senate Version of the allocation.
The adoption followed the presentation and consideration of the Conference Committee report on the Petroleum Industry Bill, 2021 by the Senate Leader, Senator Yahaya Abdullahi, of the All Progressives Congress (APC).
The Committee also adopted the 30% approved by the Senate for Frontier basins development for oil exploration.
