The National House of Representatives earlier today July 16, 2021, has passed the Conference Committee Report on the Petroleum Industry (PIB) Bill, voting that 3% of revenue from exploration should go back to the host communities in the oil-producing areas.
The House stepped down consideration of the bill on Thursday, July 15, after a heated debate on the percent to be awarded to host communities ensued. While the South-South lawmakers demand a 5% PIB allocation to host communities, the conference report approved a 3% allocation for host communities.
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The number in dispute is the percentage of the total operating expenses (OPEX) oil companies are expected to contribute to a trust fund created for host communities.
This morning, the lawmakers who were of the ruling APC, voted in favor of the PIB bill. The voting for the passage of the bill took place in the absence of the minority caucus members who had earlier staged a walkout over the controversial Electoral Act (Amendment) Bill.
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