…Host communities get 3 percent for Trust Fund
Abuja — The Nigerian Senate passed the much-awaited Petroleum Industry Bill, PIB, into law Thursday, a day short of its target of passing the Bill in June.
The lower chamber of the parliament, the House of Representatives, working towards passing the Bill, adopted all the 318 sections of the Bill also on Thursday in readiness for its passage.
The Senate, in passing the Bill, approved 3 percent for the oil host communities as part of the Host Community Trust Fund.
Congratulating fellow senators on the passage of the Bill, Senate president, Dr Ahmed Lawan, said they have achieved a major legislative agenda.
He said: “The demons (of PIB) have been defeated in this Chamber. We have passed the bill”.
The passage of the PIB followed the clause by clause consideration of the report of the Senate joint committee on Petroleum (Upstream, Downstream and Gas) on the Bill.
The House of Representatives has, on its part, adopted all the 318 sections of the Bill, in readiness for the passage of the Bill.