Lawmakers in the House of Representatives have passed the harmonised Petroleum Industry Bill (PIB), and approved three per cent for the host communities after considering the report of the conference Committee set up to deal with varying percentage pegged for the oil producing areas.
The three per cent voted for by the lawmakers was however against 10 per cent demanded by the host communities and also the initial five per cent agreed to by the House of Reps.
The PIB is an Executive bill, which sought to reform the Oil and Gas sector and ensure its governance met with best global standards.
It was presented by the Chairman of House Committee on PIB, Rep. Mohammed Monguno (APC-Borno) on July 1.
The bill was scheduled for third reading and final passage by the House following the adoption of the report by the House, which was eventually passed on July 16.
Meanwhile, the main opposition, the Peoples Democratic Party (PDP) caucus in the House could not participate in the adoption following their walk out from the plenary on Friday.
It would be recalled that the host communities had earlier demanded for 10 per cent, the Chairman of the House Committee on PIB however accepted five per cent in its report.
The conference Committee of the House of Reps and the Senate jointly agreed to give three per cent to the host communities via harmonisation.