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Thursday, July 1, 2021

Senate Passes Petroleum Industry Bill, Host Communities Get $500 Million Yearly

Slashes Committee’s Recommendation of 5% Host Communities Fund to 3%. As Host Communities get 500 million Dollars annually at 3%. Approves 30% Fund Exploration of Frontier Basins. NNPC now to be registered as a Limited Liability company. As Sekibo drops Division in the Senate Order 73 under Duress

As Pleas by Manager, Omo- Agege, Akpan for increase in Host Communities Fund fell on deaf ears.

The Senate Thursday passed the controversial PIB after very heated argument, debate and plea on the percentage for the host communities, just as the lawmakers approved three percent (three per cent) of the actual annual operating expenditure of the preceding financial year in the upstream petroleum operations affecting the host communities for funding of the Host Communities Trust Fund.

It said that this will ensure adequate development of the host

communities and reduction in the cost of production.

The three percent approved was short by two per cent as against the five per cent recommended by the Committee.

GUYS, WHAT DO YOU THINK?
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John Amadi

Very good bill

John Amadi

Long overdue for them to pass it

Nuhu Ayis Kagoro

Good one.It will be good news for the leaders of the host communities

Endy Edeson

Nuhu Ayis Kagoro

Exactly, especially Niger Delta area
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