Breaking : Senate Approves 3 Percent Host Community Trust Fund as PIB is Passed

The Senate on Thursday approved a three percent host community trust fund as it passes the Petroleum Industry Bill (PIB). This is against the five percent recommended by the Joint Committee of the National Assembly on Petroleum (Upstream and Downstream) and Gas in a report presented last week.

The percentage for the host community became contentious at plenary as the Senate reduced the percentage from five to three percent after a heated argument.

The Senate Leader, Senator Yahaya Abdullahi, thereafter moved a motion for the bill to be read the third time and approving a 3 percent for Host Community Trust Fund

This was seconded by Senate Minority Leader, Senator Enyinnaya Abaribe after a clause by clause approval by the upper legislative chamber. Then the bill was passed.

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