Saraki Orders Suspension of Work On New PIB

It appears progress on the Petroleum Industry Governance Bill, (“PIGB”) is to be stalled as reports reaching us indicate that the Senate President, Bukola Saraki has ordered the indefinite suspension of further consideration of the bill. According to today’s Vanguard, this order came as a result of mounting opposition from southern lawmakers on the removal of the 10 percent royalty proposed for host oil communities tagged the Petroleum Host Community Fund, (“PHCF”) as captured in the original PIB, from the PIGB. Whilst the North is against the inclusion of the PHCF, the oil producing regions in the Niger Delta are favorably disposed to its inclusion stating that its removal is not in the best interest of their region.