People & Money

Breaking: Senate Passes PIB, Approves 3% for Host Community Trust Fund

The Senate on Thursday passed the Petroleum Industry Bill (PIB) with the approval of three percent for host community trust fund as against 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.

Also Report: Buhari’s PIB to Open NNPC to Nigerian and Foreign Investors

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

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

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