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PETROLEUM INDUSTRY BILL
2020 has no doubt been one of the most challenging years for players in the oil and gas downstream sector, having to deal with several issues.
Lawan has assured Nigerians that the Electoral Act and the Petroleum Industry Bill will be passed into law before the end of 2021.
Timipre Sylva has disclosed that the much anticipated PIB will include provisions for lower taxes to sustain stable investments in Nigeria’s oil sector.
The pump price of petrol may be witnessing an increase as FG is set to add to it, strategic reserves’ financing cost.
The Minister has clarified that the new PIB seeks to commercialize the NNPC rather than scrap it.
The President has recommended the scrapping of the NNPC and PPPRA in the new PIB submitted to the National Assembly.
Sources in the Presidency have disclosed that the President may be presenting the bill to the National Assembly.
The bill would unlock potential investments into Nigeria’s rich resource base.
Ogbue said the bill will ensure a new future of legislation in the sector.
A government subsidy is a tax cut to the poor, the vulnerable, and the economically backward.
About one billion barrels of crude oil have been discovered in the North-Eastern part of Nigeria, Timipre Sylva disclosed.
The GMD of NNPC, Mr Mele Kyari has lamented over the continued importation of petroleum products into the country.