PIB unlikely to pass before 2015 poll

The long-awaited Petroleum Industry Bill (PIB) is not expected to be voted on by parliament before a planned general election in February 2015, the Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala told a conference call  on Tuesday.

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The bill, which is expected to reform Africa’s top oil producer’s oil taxes and licences, and to overhaul state-run Nigerian National Petroleum Corporation, has dragged on for over five years because of political wrangling over its many clauses.

Okonjo-Iweala told a conference call with investors that foreign direct investments in the country has grown but for the oil sector because of the bill.

Reuters