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Senate approves harmonised PIB bill, 3% allocation for host communities

By News Desk

Senators in upper legislative chamber of the National Assembly have passed the conference report of the National Assembly on the Petroleum Industry Bill (PIB) and also approved three per cent allocation for contributions to the host communities development trust fund from oil companies in the region.

The adoption was said to be in disregard to protests from southern lawmakers, stakeholders, and other politically exposed people who have been advocating for five percent.

As gathered, the number in dispute was the percentage of their total operating expenses (OPEX) oil companies are expected to contribute to a trust fund created for host communities.

During the plenary on Thursday, two senators from the southern region, George Sekibo and Seriake Dickson raised concerns over the approval and openly disagreed with the Senate decision.

However, the Senate President, Ahmad Lawan, lobbied the southern lawmakers and particularly prevailed on Dickson to drop his threat to lead his colleagues to stage a walkout.

Details shortly…

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