Senate Passes PIB Bill, Pegs Host Community Fund At 3%

*As Reps Kick Against 3% Host Community Fund, 30% Frontier Basins

The Senate on Thursday passed the harmonised Petroleum Industry Bill which was produced 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 plenary.

Prior to the approval of the proposed legislation through voice votes, senators from the South-South geopolitical zone protested against the proposed three per cent equity share for the oil host communities.

President of the Senate, Ahmad Lawan, however, prevailed on Senator Seriake Dickson to back down on his threat to lead his colleagues to stage a walkout.

Meanwhile, Some aggrieved members of the Peoples Democratic Party (PDP) in the House of Representatives staged protests on the floor over the proposed three per cent host community fund and 30 per cent frontier basins development in the Petroleum Industry Bill (PIB) while awaiting the commencement of Thursday’s plenary.

Some of the lawmakers who demanded the adoption of five per cent for the host community fund at plenary included Honourables Chinyere Igwe and Boma Goodhead.

Igwe, on entering into the chamber, shouted “It’s a fraud, it’s a fraud, we will never accept that.”

He was also joined by other PDP members who also chanted ‘It’s a fraud it’s a fraud’.

After the opening prayer, the Majority Leader, Honourable Alhassan Ado Doguwa, moved a motion for the House to revert to executive session in the bid to douse the tension.

Most of the lawmakers who were presented were seen with copies of the Electoral Act (amendment) bill to be considered before the House adjourned for two month recess.