Nigeria's Senate President Vows Action On Long-delayed Oil Reform Law

18

ABUJA, Jan 12 (Reuters) - Nigeria’s senate president said that despite forces “working desperately” to derail a long-delayed oil overhaul bill, lawmakers will push the bill through the national assembly. The measure, 20 years in the making, underpins everything from oil exploration to gas pipelines and fuel regulation. President Muhammadu Buhari sent it to the senate in September, and it passed a first reading in both chambers before the end of 2020. The bill would change the structure of state oil company NNPC, amend oil and gas taxes and revenue-sharing and create new regulatory bodies, among other things, to make Nigeria’s oil sector more dynamic and efficient. The laws governing Nigeria’s oil and gas exploration have not been fully updated since the 1960s because of the contentious nature of any change to oil taxes, terms of exploration, and revenue-sharing. With the other key bill - the 2021 budget - now signed into law, the petroleum bill will be the first priority when the national assembly reconvenes later this month. Senate President Ahmad Lawan said that people inside and outside Nigeria were fighting to scuttle the oil reform. But he likened the bill to a law passed in 2019 to increase the government’s take of offshore oil revenues, one that oil companies opposed and regarded as a “joke”, he said. The national assembly passed it within weeks of introduction and it was quickly signed by Buhari. “That is what we intend to do with the PIB (Petroleum Industries Bill) by the grace of God,” Lawan said.

NB: Stories are shared by community members. The article does NOT represent the official view of NaijaWorld and the author is SOLELY RESPONSIBLE for this article
Comments

About Us
You can follow any community you find interesting, get your news, ask for advice, discuss sports, and voice your opinion. Upload photos, contribute stories, join discussions, and help other people find the best stories, videos, pics, games, and news by upvoting and downvoting posts. Share and discuss posts with other naijaworlders.
Related Stories
Fixing Health Sector Important Than Buying GAVI Vaccines, Bill Gates Tells FG
Health Center In Lagos Shut Down After Workers Tested Positive For COVID19
COVID-19: VP Osinbajo Lauds Nigerian Health Workers’ Response
Despite Gulping N9.87m Inoma Primary Health Care Centre Locked In Anambra West L
CRMOH Distributes Ppe's And Other Covid19 Items To 4000 Health Workers
Industrial Hygiene & Occupational Health Training
COVID-19: NIN Registration May Be Suspended – Health Minister Mamora
6 ‘Witches’ Arrested And Charged To Court Over A 3yr Old Girl Health In Adamawa
Joe Biden Selects Transgender Woman As Assistant Health Secretary.
Covid-19 2nd Wave: 39 Edo Health Workers Infected In 72 Hours