The House of Representatives today announced that the public hearings scheduled to take place on the 23rd – 26th of April, 2018 on the Petroleum Industry Fiscal Bill, the Petroleum Host Community Bill and the Petroleum Industry Administration Bill have been postponed to hold between Tuesday, 15 – 17 May, 2018, to allow for greater inclusiveness and stakeholders’ participation in view of the strategic nature of the Bills. Relevant stakeholders are encouraged to submit their memoranda on or before Friday, 11th May 2018.
A copy of the Petroleum Industry Governance Bill 2018, which harmonises the different versions may be found here. Our review of the Bill does not show significant changes from the Bill passed by the Senate in 2017. A more detailed analysis of the Bill will follow.
The House of Representatives has announced that public hearings are to take place on the 23rd – 26th of April, 2018 on the Petroleum Industry Fiscal Bill, the Petroleum Host Community Bill and the Petroleum Industry Administration Bill. These three bills as well as the Petroleum Industry Governance Bill, which was passed by the National Assembly and is awaiting presidential assent, constitute the full reform package being proposed by the National Assembly in the reforms of Nigeria’s petroleum industry. Continue reading “House of Reps announces Public Hearings on three petroleum industry reform bills”
The News Agency of Nigeria (NAN) reports today on the meeting between the National Assembly Technical Team on Petroleum Industry Reforms and the NNPC. At the meeting, the NNPC GMD tasked the Technical Team to undertake bold & enduring reforms and emphasised the need for solutions to the issue of multiple taxation facing the industry.
We’ve been away for a long time! But we come bearing good news. Both houses of the National Assembly on Wednesday 28th of March 2018 passed the harmonized version of the Petroleum Industry Governance Bill (PIGB). See this document which shows the differences between the Senate and House versions of the PIGB and how those differences were resolved. A clean copy of the PIGB will now be presented to the President for his assent. The President has 30 days to give his assent or give any comments he may have on the Bill. The National Assembly may override any veto exercised by the President with a 2/3rds majority vote. Continue reading “National Assembly passes Harmonized Petroleum Industry Governance Bill”
A copy of the new Petroleum Policy approved by the Federal Executive Council last week may be found here.
The Nigerian Senate passed the Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and the Petroleum Host Community Bill at the second reading today, the 27th of July, 2017. The Bills have been referred to the Committees on Petroleum Upstream, Downstream and Gas to report to the full Senate in four weeks. This is another milestone in the petroleum industry reforms. We expect that the next four weeks will be spent engaging with key stakeholders on the various reform bills. Petroleumindustrybill.com will continue to keep you updated on these developments.
It was a pleasure to be interviewed on CNBC’s Open Exchange West Africa yesterday 25th of July 2017 on the Petroleum Industry Governance Bill and the other petroleum industry reform initiatives.
The Federal Executive Council approved the National Oil Policy today 19th of July, 2017. This is the second oil industry reform policy the Federal Executive Council has approved in the last month. This leaves the Petroleum Fiscal Policy. We shall publish a copy of the policy document once it is made available. Congratulations to the Honourable Minister and his Senior Technical Adviser on Upstream & Gas, Mr. Gbite Adeniji.