When the lawmakers got to Clause 240, Katsina senator, Babba Kaita, proposed that the amount for the fund be reduced from five per cent as proposed by the committee to three per cent.
Mr Sekibo cited Order 73. This order challenges the ruling of the chairman . It requires that he put the question to vote a second time. And if his opinion is again challenged, he shall call each senators name to vote.“My heart bleeds. This Senate has come a long way. We have never treated ourselves this way. We are embarking on a very dangerous journey. We have had and cherished unity. This is a path to Armageddon.
“To this end, the Committee recommends funding mechanism of 30 per cent of NNPC Limited’s profit oil and profit gas as in the production sharing, profit sharing, and risk service contracts to fund exploration of frontier basins.
The third schedule defines the domestic base price and pricing framework of gas under a free market structure of willing buyer and willing seller. The seventh schedule explains the main fiscal framework of the bill which covers petroleum fees, rents and royalties across the various production terrains as well as its related penalties for non-payment.
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