NASS To Get PIB In Two Weeks – FG
TAYO ELEGBEDE
The long awaited Petroleum Industry Bill (PIB) will be forwarded to the National Assembly in two weeks, the Federal Government has confirmed.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, gave this indication while appearing on a Channels TV programme on Sunday.
Sylva stated that the PIB is a piece of legislative document with three parts – governance, administrative and host community parts.
He said, “The PIB will be forwarded to the National Assembly in two weeks.
“I am not in a position to preempt the passage of the bill because it is only the National Assembly that can pass it.”
The minister had also on July 14 announced that the bill would be sent to the legislators within two weeks.
The bill, however, was not sent to the National Assembly after two weeks and five days.
The National Assembly, which is currently on recess, is expected back in September.
Many oil companies believe new investments in the oil sector is dependent on the passage of the PIB.
The bill is expected to take a more holistic approach in addressing issues around the fiscal terms following the passage of the Deep Offshore and Inland Basin Production Sharing Contracts (amendment) Bill, 2019 (PSC Amendment Bill).
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