BREAKING: Senate Passes Oil Bill (PIB), Leaves Hosts’ Fund At 3%

July 15, (THEWILL) – The Senate on Thursday approved the conference report of the National Assembly on the Petroleum Industry Bill (PIB).

The report, as passed, pegged contributions to the host communities’ development trust fund at 3 percent of the operating expenditure of oil companies in the region.

Host communities had made a case to receive a minimum of 5 percent and an upper ceiling of 10 percent from the operating expenditure of oil drilling companies.