Tobi Adebayo
The revised Petroleum Industry Bill has been passed by the Senate on Thursday.
The bill was passed after the Chairman of the Senate’s seven-man Conference Committee on PIB, Senator Yahaya Abdullahi presented his committee’s report at the plenary.
The committee adopted the proposed three percent equity share for the oil host communities.
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It also adopted the 30% approved frontier basins development for oil exploration as approved by the Senate last week.
Recall that senators from the South-South region had protested against the proposed three percent equity share for the oil host communities.
