THE Conference Committee of the Senate and the House of Representatives on the Petroleum Industry Bill, PIB, on Thursday, adopted three percent of the actual annual operating expenditure of the preceding financial year in the upstream petroleum operations affecting the host communities for funding of the Host Communities Trust Fund.
The PIB, formally known as a Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities, was passed by both houses of the National Assembly on Thursday, July 1.
With this development, the Committee has adopted the Senate version which had, last week, approved three percent, while the House of Representatives settled for five when the PIB was passed.
The Conference Committee has also adopted the 30% approved for frontier basins development for oil exploration as approved by the Senate last week.
Resolutions of the Senate, Thursday, was sequel to the presentation and consideration of the Conference Committee report on the PIB, 2021( SB.510) by the Senate Leader, Senator Yahaya Abdullahi(APC, Kebbi North).
Details later…
