Reps To Commence Consideration Of PIB Next Week

Must Read

Israeli Researchers Announce Breakthrough On Coronavirus Vaccine

Chen Katz, MIGAL’s biotechnology group leader, has announced that researchers at the Israeli research institute has found an effective...

Coronavirus: Increase Prices Of Face Mask, Sanitizer And Go To Jail – FG

Following the now-trending reports that prices of face mask, sanitizers and hand washers have now gone up as the...

Picture Of Italian Man Infected With Coronavirus Surfaces Online

Lagos Commissioner for Health, Prof. Akin Abayomi visited the Italian man, who is the index case for the Novel Coronavirus...

Coronavirus Could Strike Every Country On The Planet – WHO

The deadly Coronavirus could strike every nation on the planet as the crisis won't slow down anytime soon, the...

How I Vowed Never To Deceive Those Who Elected Me – Senate President

Senate president Ahmed Lawan has revealed that he made a promise never to deceive people who elected him into...
daniel
Ardent Reader, News Freak, Socio-Political Commentator, Archaeologist & Pro-Democrat.

Jnanthan-pib-DiezaniDeputy Speaker of the House of Representatives, Emeka Ihedioha, says the House will commence consideration of the Petroleum Industry Bill (PIB) next week.

Ihedioha, who presided over the plenary on Tuesday in Abuja, disclosed this to the lawmakers.

He said that copies of the report from the ad hoc committee on PIB were circulated to lawmakers for perusal.

It will be recalled that the Chairman of the Ad hoc Committee on PIB, Rep. Ishaku Bawa, (PDP-Taraba) submitted the report of the committee’s assignment to the House in March 2015.

The committee had scrutinised 363 sections and annexure of the original bill and made some amendments and recommendations.

The public hearings conducted by the 23-member ad hoc committee in all the geo-political zones provided opportunities for stakeholders to make their contributions to the bill.

The bill, which covered salient areas, is to ensure the establishment of the Petroleum Equalisation Fund and incorporation of National Gas Company.

Others are the establishment of Petroleum Directorate and National Asset Management Company as well as imposition of new tax regime such as Nigeria Carbon Tax.

The committee in its report recommended the removal of Section 191 of the bill, which gave the president discretionary powers to grant petroleum licenses.

However, the amendment recommended is proposing bidding process for the award of licenses.

Other amended areas include Section 174 which recommended that 30 per cent of Nigerian National Petroleum Corporation (NNPC) shares be sold through public offers at the Nigerian Stock Exchange (NSE).

It further amended Section 185, which proposed that 49 per cent of Nigerian Gas Company shares be sold through public offers at the stock exchange.

Under Section 116, the Petroleum Host Community Fund was created to benefit host communities of oil facilities and installations.

The committee retained environmental remediation funds under Section 203, which obligates petroleum investors to pay adequate compensation for the remediation of environmental damages.

Three conventional licensing systems, namely petroleum exploration license, petroleum prospecting license and petroleum mining leases were retained in sections 225 and 229.

The House of Representatives in Nov. 15, 2012 constituted the ad hoc committee on PIB with the mandate to look into the bill and make recommendations toward passing the bill.

The bill will provide legal, fiscal and regulatory framework for the development of the country’s oil and gas industry. (NAN)

- Advertisement -
Ad ==> Discover how a young Nigerian graduate now makes a consistent 40k per week doing a legitimate online business. You too can start yours now, click here!!!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -