The Nigerian Senate on Thursday passed the Petroleum Industry Bill and approved 3 per cent for host communities.
The upper chamber passed the PIB, 2021 after the clause by clause consideration of the report of its joint committee on Petroleum (Upstream, Downstream and Gas) on PIB.
The Senate approved three per cent for the host communities despite protests from the South-South lawmakers, who advocated 5 per cent, Punch reports.
The Senate had before then, held a closed session with the Minister of State for Petroleum, Timipre Sylva and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.
Senate President Ahmad Lawan congratulated the lawmakers and said the 9th National Assembly has achieved a fundamental legislative agenda.
“The demons (of PIB) have been defeated in this Chamber. We have passed the bill,” he said.
Similarly, the House of Representatives passed the PIB for third reading on Thursday.
Chairman of the House Adhoc Committee on the PIB, Rep. Mohammed Tahir Mongunu moved for the consideration of the motion around 1pm.
The Speaker, Femi Gbajabiamila, hailed the lawmakers for the record passage of the controversial bill, describing it as significant in the history of the parliament.
The PIB has been before the National Assembly since 2008 as successive administrations had failed to pass the legislation due to its complexities and divergent interests.