PIB: N’Assembly Adopts 3% Equity Fund for Host Communities

The National Assembly has agreed on three percent as equity fund for host communities in the revised Petroleum Industry Bill (PIB) which was the position adopted last week by the Senate.

Senate Leader and Chairman of the Senate seven-man Conference Committee on PIB, Senator Yahaya Abdullahi, made this known Thursday while presenting his committee’s report at plenary.

The Senate subsequently adopted and sustained the three percent equity fund for Host Communities in the harmonised version of the Petroleum Industry Bill brought back to the chamber after consideration of the conference committee report with the House of Representatives.

The House of Representatives had last week agreed on five percent equity fund for the host communities as against three percent agreed upon by the Senate which informed the setting up of the conference committee by the two chambers to harmonize their position.

Details later…