The House of Representatives on Friday passed the Petroleum Industry Bill (PIB) and retained the provision of 3 percent equity shares for the oil producing communities.
The figure was agreed by members of the All Progressives Congress (APC) as their counterparts from the People’s Democratic Party (PDP) had earlier staged a walkout from the green chambers in protest.
Their ratification of the three percent followed the report of the conference Committee on the PIB.
The three per cent is however against 10 per cent demanded by the host communities.
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.
Ripples Nigeria had reported that the main opposition, the Peoples Democratic Party (PDP) could not participate in the adoption following their walk out from the plenary.
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.
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