However, the bill passed with an amendment only to Section 240 of the bill by increasing the host community funding from 2.5 per cent of actual operating expenditure of oil companies as presented to five per cent.
Our correspondents report that going by standard legislative procedure, the conference committee of the National Assembly would meet to reconcile the differing positions of the Senate and the House. Okoroafor, who is a former chairman of Petroleum Technology Association of Nigeria, said the passage of the bill would improve investor confidence as there would be clarity on the fiscal terms of the industry.
“If the President assents to it, then that is the beginning of the reform that we have been expecting in the oil and gas industry. It is the beginning of deregulation in the downstream sector,” he said. National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, described the passage of the bill as a big blessing for Nigeria.
Wow... It is commendable... But I Hope it will bring the Investors/investment it ought to... Good one.. At last one thing to be Happy About in Nigeria
Yet, the host communities still have nothing to gain despite the 5% revenue that will accrue to them. Nigerians will manage the money. Not restructuring or a ghost but thieving, morally and mentally rotten Nigerians!
I pray all the oil finishes for good.
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