President Buhari to Receive Petroleum Industry Bill soon

Chinazor Megbolu   |  

There indications that the Petroleum Industry Bill (PIB) will soon be presented to President Muhammadu.
Sources say the bill would ensure the unlocking potential investments into Nigeria’s rich resource base as well as help boost investment into the nation’s oil and gas sector.
Recall that Nigeria’s legislature was consulting with the president to draft “from scratch” a bill overhauling the nation’s petroleum sector and aimed to pass it by the end of 2020.
The National Assembly had said they will likely pass the long-awaited PIB, that has not been assented to for more than 10 years.
Additionally, the National Assembly noted that the signing of the bill would come at a much needed time as the country deals with falling oil revenues as a result of the impact of the Covid-19 pandemic on global oil demand.
Meanwhile, a report by Reuters hinted that a spokesman for Shell Petroleum added that signing the bill would unlock potential investments into Nigeria’s rich resource base.
The report maintained that the bill will be presented in one piece with four different chapters, even as President Muhammadu Buhari is expected to sign it and send back to the National Assembly for review, which would be one of the best times to pass such a bill.
It pointed out further that the bill would include provisions that would reduce oil and gas royalties, adding that the country’s reduction of oil and gas royalties is more aggressive compared to other countries.
The report, however buttressed that other things to be added in the bill would be to increase payments to local communities of oil and gas base and also funds for environmental cleanup amongst others.

© 2020, maritimemag. All rights reserved.