President Muhammadu Buhari has finally received the long-awaited Petroleum Industry Bill (PIB).
BusinessDay gathered authoritatively from the Presidency that the Bill was transmitted to the president by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, late Thursday.
Ibrahim Gwandu, special assistant to the Attorney General of the Federation, confirmed that the Bill has been transmitted to the president.
According to Gwandu, “The Office of the AGF presented to Mr. President the PIB for consideration as an Executive Bill and onward transmission to National Assembly to consider.”
The Bill is expected to usher in the much-anticipated reforms in the oil and gas sector.
The president had in 2018 rejected the Petroleum Industry Governance Bill PIGB, passed by the National Assembly on the grounds that, if signed into law, the 10% revenue to Regulatory commission would unduly increase the funds accruing to the Petroleum Regulatory commission to the detriment of the revenue available to the Federal, States, Federal capital Territory and Local governments in the country, amongst others
The then Senior Special Assistant to the President on National Assembly Matters, Ita Enang, in a statement said “the provision of the Bill permitting the Petroleum Regulatory commission to retain as much as 10% of the revenue generated unduly increases the funds accruing to the Petroleum Regulatory commission to the detriment of the revenue available to the Federal, States, Federal capital Territory and Local governments in the country.
Enang noted that the Bill expanded the scope of Petroleum equalisation fund and some provisions in divergence from this administration’s policy and indeed conflicting provisions on independent petroleum equalisation fund.
He also disclosed that “ There are legislative drafting concerns which, if Assented to in the form presented will create ambiguity and conflict in interpretation.”
The Bill had been at the Justice Ministry where it was fine tuned by the legal department before it was finally transmitted to the President on Thursday.
The proposed bill which was aimed at liberalizing the governance structure of Nigeria’s oil industry, is amongst the four bills sent to the law makers for consideration and passage
Aside from the PIGB, other laws being considered for the Petroleum sector reforms include the Petroleum Industry Fiscal Bill (PIFB), Petroleum Industry Administration Bill (PIAB) and the Petroleum Host Community Bill (PHCB).
The Bill is expected to be presented to the Federal Executive Council any moments by the President before being transmitted to the National Assembly for consideration and final passage into law.
