×

Petroleum Industry Bill Suffers Setback In House Of Reps

The consideration of the Petroleum Industry Bill (PIB) in the House of Representatives suffered a setback on Wednesday due to some conflicting overlapping clauses. Federal lawmakers in … Continue reading Petroleum Industry Bill Suffers Setback In House Of Reps


Kaduna

House of Representatives on Petroleum Industry BillThe consideration of the Petroleum Industry Bill (PIB) in the House of Representatives suffered a setback on Wednesday due to some conflicting overlapping clauses.

Federal lawmakers in the House of Representatives were divided during plenary over how much should accrue to the country from exploratory licenses issued to prospective companies in the petroleum industry.

However, when the clause came up for consideration, the said provision was nowhere to be seen.

The Deputy Speaker, Emeka Ihedioha, then urged members to allow the committee go back and take a second look at the clause and report back to the House.

On May 14, the lawmakers had reduced the proposed levy on oil companies for the operation of Petroleum Host Communities Fund from 10 per cent to 7.5 per cent.

The lower chamber of the National Assembly made the change as it continued with the clause-by-clause consideration of the Petroleum Industry Bill at plenary.

The fund, which is expected to cater for the mitigation of all negative environmental impacts on host communities arising from exploratory activities of oil companies was slashed, as lawmakers noted that any attempt to retain the 10 per cent levy may have negative effect on future investment in the sector.