PIB: HOST COMMUNITIES TO GET 7.5% IN OIL WEALTH

A total of 7.5 percent from the crude oil wealth generated would be going directly to the host communities in the oil producing areas, according to the provision contained in the new Petroleum Industry Bill (PIB) currently being considered for passage by the House of Representatives.
Initial provision for the host communities as proposed by the ad hoc committee was put at 10 percent, but after an exhaustive debate on clause 116, titled “Petroleum Host Community Funds,” the figure was trimmed down to 7.5 percent.
This came up yesterday at the House of Representatives, where the consideration of the 368-page bill continued from where they stopped on Wednesday, with the passage of 111 more clauses on the first 7 clauses earlier considered.
As happened on the first consideration day, heated arguments and debates characterized yesterday’s proceeding in all but few of the considered clauses. Some clauses had to be skipped owing to failure to arrive at an agreeable position.
However, it was observed that the entire debate and contributions had only revolved round some notable lawmakers who meticulously followed the clause-by-clause consideration, with majority becoming uninterested and deserted the chamber midway the proceeding. Only about 40 members stayed up to the end of the proceeding.
-Daily Trust