(AFRICAN EXAMINER) – Host communities will receive half a billion dollars annually, as funding from the three per cent approved for Host Communities Trust Fund in the Petroleum Industry Bill (PIB), the Senate has said.
Chairman, Senate Committee on Petroleum Downstream, Sen. Mohammed Sabo said this when he briefed newsmen on Thursday shortly after the senate passed the PIB.
Also speaking on the passage of the PIB bill, Sen. Babajide Omowarare, Senior Special Assistant to the President on National Assembly Matters (Senate), said the passage of the Bill by the Senate on Thursday is breaking of an age-long Jinx.
Omoware added that efforts by the Executive and Legislature in Nigeria to put in place contemporary legislative and legal framework in the oil and gas sector had proved abortive since the year 2000.