Senate on Thursday approved the National Assembly Conference Report on Petroleum Industry Bill which recommends three per cent to host communities from operating surplus of oil companies.
The approval followed a presentation of the Conference Report by Senate leader, Senator Abdullahi Yahahya.
The President of the Senate, Ahmad Lawan, had last week Tuesday constituted a seven-member committee to harmonise the different versions of the Petroleum Industry Bill, passed by both chambers of the National Assembly last week.
The Speaker of the House of Representatives, Femi Gbajabiamila, also on Tuesday constituted a conference committee to harmonise the PIB with the Senate.
Lawan at the plenary said the Senate Leader, Yahaya Abdullahi (APC, Kebbi North), would lead the conference committee.
He listed other members of the panel to include senators Sabo Nakudu (Jigawa North East), Albert Bassey (Akwa Ibom), Danjuma Goje (Gombe), Opeyemi Bamidele (Ekiti Central), Stella Oduah (Anambra), and Gabriel Suswan (Benue).
The Senate President said the conference committee would start sitting immediately so that the National Assembly could transmit the harmonised bill to President Muhammadu Buhari for assent.
Unlike in the Senate where a series of debates were taken on the bill before it was passed, the lower chamber witnessed no debate but only made amendment to Section 240 (2) of the bill.
The section allocates 2.5 per cent of the operational expenditure from the oil companies to host communities — but the lawmakers raised it to five per cent.