National Assembly passes PIB, as lawmakers from Niger Delta protest

The National Assembly on Thursday passed the Petroleum Industry Bill (PIB) even as lawmakers representing Niger Delta kicked.

The South-South lawmakers had called for the upward review of Equity Share Holding from oil companies to five per cent but the Senate ignored their demands and approved three per cent to the Trust Fund for the host communities.

Mr. Mohammed Monguno (APC-Borno), chairman of the ad hoc committee on PIB presented a report after the bill passed the third reading.

Lawmakers were said to have voted on 319 clauses.

Monguno said the bill would make the oil and gas industry more transparent and competitive, and ensuring governance issues in the sector are in tandem with international best practices.

Senate President Ahmed Lawan mocked lawmakers against the bill, saying “the demons have been defeated in this chamber.

We have passed the bill.”

He congratulated lawmakers, noting the ninth national assembly has achieved one of its fundamental legislative agendas.

Earlier, House Speaker Femi Gbajabiamila assured Nigerians that the bill will be passed before the house proceeds on recess in July.

In March, the South-South governors in a meeting in Port Harcourt expressed displeasure over the 2.5 per cent in the PIB, describing it as “inadequate”.

The Governors are demanding 10 per cent.

With the passage of the PIB, oil companies are to pay host communities three per cent of its profit. Host communities have since kicked against the provision of the bill, demanding for 10 per cent.