Abuja — The Nigerian Senate Thursday passed a reconciled version of a the Petroleum Industry Bill, PIB, packaged last week by a committee of the Senate and the House of Representatives.
The two chambers of the National Assembly had two weeks ago passed the oil industry reform bill separately, with the versions passed by the two chambers containing different provisions. There was, therefore, need to harmonise the two versions.
The reconciled version was later submitted for consideration by the lawmakers on Thursday last week at plenary.
The reconciled bill included the provision for a 3 percent share of the annual operating expenditure of oil companies to oil producing communities. While the House of Representatives had originally approved 5 percent share for the host communities, the Senate settled for 3 percent.
In the reconciliation process, both chambers eventually agreed for 3 percent, which is the provision in the harmonised version passed by the Senate, Thursday.
The House was expected to also pass the reconciled version same day.
Before the reconciled version was passed in the Senate, senators from the South-South geopolitical zone protested the 3 percent provision, threatening to stage a walk out.
They were, however, persuaded against the move is by Senate President Ahmed Lawan.
both chambers of the National Assembly last week.