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PIB: Maybe signed in to law this year

April 17
11:36:33 2018
Nigeria’s House of Representatives has received the remaining drafts of the Petroleum Industry Bill which deals with administration, fiscal and host community regulations.
Nigeria’s House of Representatives has received the remaining drafts of the Petroleum Industry Bill which deals with administration, fiscal and host community regulations.

While receiving the draft bills on Monday, the House ad-hoc Committee on Petroleum Industry Reforms, said the passage of the bills would create an investor friendly environment.

Attempts to reform the petroleum industry began as far back as the year 2000 with different versions of the Petroleum Industry Bill in circulation.
The difficulties encountered in passing the bill prompted the 8th National Assembly to unbundle the bill into four areas which are the governance, administration, fiscal and host communities regulations.

With the passage of the governance aspect earlier this month, the House, while receiving the last three aspects, said that Nigeria must ensure timely exploitation of her oil and gas resources to realize maximum value.

The consultant to the National Assembly on the petroleum industry reforms, in presenting the drafts to the House, said the goal of the bills were to encourage local and foreign investment in the oil and gas industry.

It is expected that the draft bills will be presented for public hearing in May and if all goes well, may be passed for presidential assent in June 2018.
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