PIB draft c’ttee member says host community fund not expunged

Contrary to widely circulated reports, the Host Community Fund has not been erased from the Petroleum Industry Bill (PIB), Vanguard reports.

A top member of the bill drafting committee, who disclosed this yesterday, said the fund would come in the last of the four new bills to be sent for legislative consideration to govern operations in the petroleum industry. The member who had headed one of the petroleum industry regulatory agencies, and who preferred anonymity, said that the Host Community Bill would come under the Petroleum Revenue Bill, which would deal with what the government was expected to do with income earned from oil and gas resources.

He said; “I am really surprised at all the reactions over the host community fund. Indeed, they are reacting over nothing, because that portion of the old Petroleum Industry Bill (PIB), is in the last of the four bills to be sent to the National Assembly, which we are still working on”. “The Petroleum Industry Governance Bill before the legislators now is one quarter of the bills they will be considering. There are four bills in all, and they include the Fiscal Regime Bill, the Upstream and Midstream Administration Bill; and the last, the Petroleum Revenue Bill” he added.

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