At about 1PM Thursday, the House of Reps passd the Petroleum Industry Bill on an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities; and for Related Matters 2021
The Act was submitted for Third Reading during Plenary on wednesday. The Act allocates 3% Of Profits From Oil Companies To Host Communities.
The House Committee also recommended that 30 percent of Nigeria National Petroleum Corporation (NNPC) profit from oil and gas should be used to fund exploration of frontier basins. Also, obsolete laws currently in operation in the country have been updated and consolidated in this chapter to meet global competitiveness and best practices.
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