Mr Idahosa stressed that the lower chamber performs most legislative duties.
Niger Delta fishermen under the aegis of the Artisanal Fishermen Association of Nigeria have praised President Muhammadu Buhari for signing the PIB into law.
The governor said the yearnings of host communities were not considered when passing the bill into law.
Senate says it has approved an annual $500 million for oil-producing communities, as funding from the three per cent approved for Host Communities Trust Fund in the PIB.
The new PIB wants oil companies to pay host communities 2.5 percent of its profit.
The new PIB wants oil companies to pay host communities 2.5 percent of its profit.
The speaker admitted that it was disappointing and difficult to explain how successive governments failed to deliver on the PIB.
The bill requires oil companies to establish a host community trust fund but puts hosts themselves in the back-seat.
The bill scaled first reading in the Senate on September 30 and anticipation is high.
The bill will change NNPC’s legal structure, but the new company will still be wholly controlled by the government.
