The Senate on Thursday passed the harmonised Petroleum Industry Bill which was produced by a conference committee of both chambers of the National Assembly last week.
The harmonised version of the PIB was submitted for consideration by the federal lawmakers on Thursday at plenary.
Prior to the approval of the proposed legislation through voice votes, senators from the South-South geopolitical zone protested against the proposed three per cent equity share for the oil host communities.
President of the Senate, Ahmad Lawan, however, prevailed on Senator Seriake Dickson to back down on his threat to lead his colleagues to stage a walkout.
It would be recalled that the Senate had argued during the consideration of the report, that the three per cent amounted to half a billion dollars.
Details later…