PIB faces uncertain future as elections draw near

Against the backdrop of the refusal of President Muhammadu Buhari to assent to the Petroleum Industry Governance Bill and as electioneering intensifies ahead of the 2019 elections, industry experts have expressed doubt about the Petroleum Industry Bill becoming law in the current administration.

A key obstacle to the growth of the nation’s oil and gas industry has been widely described as the regulatory uncertainty caused by the delay in the passage of the PIB.

The bill, which seeks to change the organisational structure and fiscal terms governing the industry, suffered setbacks in the 6th and 7th National Assembly.

To fast-track its passage into law, the current National Assembly decided to split the bill into four parts – the PIGB, Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host Community Bill.

After its passage by both the Senate and the House of Representatives, the PIGB was transmitted to the President for assent in July to enable it to become law but it emerged last week that Buhari declined to accent to the bill.

The PUNCH, September 6, 2018

 

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