- The House of Representatives and the Senate have both passed the Petroleum Industry Bill which will bring succour to host communities
- The Petroleum bill is left with President Muhammadu Buhari's signature which he has promised to give when it is passed to him by the National Assembly
- Oil workers will be protected by the Petroleum Industry Bill, and it is expected to attract foreign investment due to tax cut
The Petroleum Industry Bill (PIB) has been signed by the House of Representatives and the Senate chamber in a bid to overhaul the oil and gas sector.
The passage of the bill means the government is close to deregulating the Petroleum industry, with only President Muhammadu Buhari's signature left.
The Chairman of the House Adhoc Committee on the PIB, Mohammed Tahir Mongunu, who moved the passage motion, stated that recommendations have been considered.
What you need to know about the Petroleum Industry Bill
He said the PIB provides Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, and support the development of host communities.
The passage of the bill is expected to attract foreign investors and reduce government control on the oil and gas industry, as it will cut hydrocarbon tax for converted leases from 42.5% to 30%.
President Buhari to pass the bill
Before the passage, the Senate met with Nigerian Minister of State for Petroleum, Timipre Sylva, and Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation.
The Senate President, Ahmed Lawan, confirmed that the bill will be signed into law by President Buhari. Legit.ng had reported in 2018 that the President assured of signing it.
He spoke through his minister of labour and employment, Chris Ngige, who stated that oil workers challenges will be resolved by the passage of the bill.
Sylva wants government to make Nigerians pay full cost
Meanwhile, Legit.ng had previously reported that the minister of State for Petroleum, Timipre Sylva, said the Federal Government should remove fuel subsidy.
Sylva said the government's habit of subsidising the cost of fuel is affecting the country's progress and the oil and gas industry.
He said Nigerians should be allowed to pay the full cost of importing fuel as subsidising them is cause of the deplorable refineries across Nigeria.