Thursday, 22 October 2015

READ What Nigeria Set To Do In 2016 Petroleum Industry Bill

The vice president of Nigeria, Prof Yemi Osinbajo, has disclosed plans by the Federal Government to split the Petroleum Industry Bill (PIB).

Professor Osinbajo made this known in an interview at the presidential residence in Aso Rock, on Tuesday, October 20.

He said: “breaking up the PIB, into smaller laws focused on fiscal and regulatory measures in Nigeria’s energy industry would make it easier to pass through parliament.”

Bloomberg reports that the bill will be resent to lawmakers in the first quarter of 2016.

The bill was first presented to parliament in 2008, but has been held up for seven years, largely by political wrangling and objections by international oil companies.

Dr. Emmanuel Kachikwu, managing director of the Nigerian National Petroleum Corporation (NNPC) had earlier said that Nigeria should split its proposed PIB into parts to avoid further delays to reforms.

NNPC boss said: “As long as we continue to want to pass a holistic PIB, it’s going to be a major challenge. Once you begin to break it up into critical aspects, you begin to make a faster run to passing the PIB.”

Kachikwu made this know while being screened as a ministerial nominee by the Senate.

Meanwhile, President Muhammadu Buhari has been warned not to discard the PIB. The warning was passed by the Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN).