PIB – House of Representatives seeks to pursue another route

Thisdayonline reports that the House of Representatives seeks to pursue another strategy in the passage of petroleum industry reforms. The Chairman of the House Committee, Petroleum Upstream, Hon. Victor Nwokolo (Delta-PDP) indicated in a press conference yesterday that the House bill will include the Petroleum Host Community Fund as well as Fiscal reform matters.  This runs against the reports that the PIGB passed by the Senate would be given accelerated hearing by the House.

Given the legislative and political timetables, this recent development will pose a challenge to the adoption of the PIGB or indeed any part of the petroleum industry reforms into law in the near future. It is our opinion that the two houses of the National Assembly should work together in the national interest to avoid further delays to much-needed reforms.

The “Trash that is the Petroleum Industry Bill (PIB)” and other news

The newspapers continue to cover the fallout from the passage of the Petroleum Industry Governance Bill (PIGB). A few of yesterday’s reports are highlighted below. 

YNaija.com publish a scathing opinion piece by Saatah Nubari titled “THE TRASH THAT IS THE PETROLEUM INDUSTRY BILL (PIB)“. Nubari criticised the decision of the Senate not to address the Petroleum Host Community Fund first as in his opinion this is the most critical piece of the raft of legislation to be passed. 

The Premium Times provides us with an infograph detailing the decade long journey in the passage of the Petroleum reform bill. 

Thisday considers the passage of the bill a small but significant step in the right direction. 

Proshareng.com provides a detailed analysis of the contents of the bill, which is worth reading. 

PIGB 2017 – Objectives

The PIGB 2017 passed by the Senate on May 25, 2017, has the following objectives:

  1. create efficient and effective governing institutions with clear and separate roles for the petroleum industry;
  2. establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensure value addition and internationalization of the petroleum industry;
  3. promote transparency and accountability in the administration of petroleum resources of Nigeria; and
  4. foster a conducive business environment for petroleum industry operations.

Continue reading “PIGB 2017 – Objectives”

Breaking News – History is made as the Nigerian Senate passes the Petroleum Industry Governance Bill

The Petroleum Industry Governance Bill was passed at its third reading at the Nigerian Senate today (May 25th, 2017). In the long history of pursuing Petroleum Industry legislative reform in Nigeria, this is the first time that a bill will be passed at the Nigerian Senate.

We shall update you on the changes made to the Bill and the next steps.

 

 

PIGB laid before the Senate for Debate

The Joint Committee tasked with reviewing the Petroleum Industry Governance Bill (PIGB) in the Senate has laid its report before the house. This signifies the completion of the Committee’s review process. The next step is the clause by clause debate of the Bill at its third hearing, currently scheduled for the 25th of April, 2017.  Continue reading “PIGB laid before the Senate for Debate”