Mr Fulata said tax evasion by the oil companies, particularly the International Oil Companies (IOC), deprived Nigeria of revenues.
The bill seeks to ensure timely remuneration of employees in the public or private sectors.
Mr Igbakpa moved the motion during the plenary on Wednesday in Abuja under matter of urgent national importance.
Unlike Mr Buhari’s arid northern region, Southern Nigeria has coastal areas and a vast expanse of inland water bodies.
Lawmakers challenged both the constitutionality of the bill and the procedure for its passage before throwing it out.
