The Senate has passed the harmonised version of the Petroleum Industry Bill (PIB) at plenary on Thursday.
The controversial bill was passed after the Conference Committee set up by both chambers of the assembly last week submitted its report.
Both chambers had passed the PIB separately on July 2.
Before the bill was passed through voice votes, senators from the oil-rich South-South geopolitical zone protested against the three percent set as host community trust fund.
The lawmakers argued for five per cent.
Senator for Bayelsa West, Seriake Dickson threatened to lead his colleagues from the South-South in the upper chamber to stage a walk-out.
The Senate President, Ahmad Lawan however successfully pacified the former Bayelsa governor.