The House and the Senate on Thursday passed a different version of the Petroleum Industry Bill.
While the lower chamber did not debate the bill, the members of the upper chamber had extensive debate on it.
The Deputy Speaker, House of Representatives, Ahmed Wase did not allow any debate or call for an amendment, however, the Chairman of the ad hoc committee, Mohammed Monguno moved a motion for the host community fund to be amended from the 2.5 % presented, to 5%.
The amendment was adopted, however, the Senate passed the at 3%.
Speaking on the bill, Monguno who briefed journalists, said Rep members will ensure that their 5% is adopted against the 3% by the senate.
He noted that the House has gotten the mandate to push for the 5%.
He, however, said the Joint Committee of the National Assembly will have to decide on how to proceed.
The bill also makes provision for 30% of oil profits to be invested into the frontier funds for the exploration of oil in the North and other frontier basins.
“The House has a mandate, the committee must jealously guard this mandate. Although there would be some give and take, the House will guard it jealously, Munguno said.
“30% of the oil profit will be used for frontier explorations. The money will be in escrow account, if not used, it will be returned to the treasury. We only have 20 years window to maximise oil,” Monguno said.
The House version is yet to pass for Second Reading.
The joint committee is expected to concur to the two versions.