By Nneka Nwogwugwu
The Conference Committee of the Senate and the House of Representatives on the Petroleum Industry Bill (PIB), has adopted 3% percent 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, Vanguard reports.
Recall that the Committee adopted the Senate’s approval of the 3% last week while the House of Representatives settled for five when the PIB was passed.
The Conference Committee has also adopted the 30% approved for frontier basins development for oil exploration as approved by the Senate last week.
Resolutions of the Senate, Thursday, was sequel to the presentation and consideration of the Conference Committee report on the PIB, 2021 (SB.510) by the Senate Leader, Senator Yahaya Abdullahi (APC, Kebbi North).