Petroleum Industry Bill: FEC approves bill, sends to NASS

Channels Television  
Updated July 11, 2012

The Federal Executive Council (FEC) has approved the Petroleum Industry Bill (PIB) for onward transmission to the National Assembly.

Briefing State House correspondents at the end of its weekly council meeting, the minister of petroleum resources, Mrs. Deziani Allison-Madueke said the new PIB which will ensure the independence of the regulators in the oil and gas sector as well as unbundle the NNPC, will yield high return on investments for Nigerians.

“The new PIB is going to make the oil industry more competitive and accountable. It proposes revolutionary changes in the industry,” said the minister

She said that the fiscal frameworks which delayed the bill in the past have been reworked and that when passed by the National Assembly, the country will remain an interesting investment destination for oil and gas investors.

FEC also directed the ministers of agriculture and finance to reduce the import duty rate for cassava enhancing enzymes from 10 to 0 percent as well as come up with a development fund that will support the value chain in the production of bread in an effort to promote cassava farming in the country as well as reduce the country’s dependency on importation of wheat.

Budget Office of the ministry of finance will manage the fund meant for small scale millers who may need additional support.