FINALLY! Reps Pass Petroleum Industry Bill PIB Into Law
The Petroleum Industry Bill PIB has been passed into law by the House of Representatives, following years of public agitations.
The lawmakers passed the bill after consideration of the report of the ad hoc committee chaired by Mohammed Monguno (APC, Borno). Following the clause by clause consideration on the report at the committee of the whole, it was passed.
The session was presided over by the Deputy Speaker, Idris Wase (APC, Plateau).
Host community trust fund
The lawmakers amended Section 240 of the bill to increase the mandatory host communities funding by oil companies.
The original bill proposed 2.5 per cent operating expenditure to fund the host communities trust fund.
Following the amendment moved by Mr Monguno, the fund was increased to five per cent.