President of the Senate, Dr. Abubakar Bukola Saraki, has said that the
\nthree new Petroleum Industry Bills (PIB) being considered by the Senate
\nwill boost economic growth and lead to a more efficient oil sector that is
\nglobally competitive.<\/p>\n
Saraki who stated this while declaring open a 3-day public hearing on the
\nPetroleum Industry Bill (PIB), organized by the Senate Joint Comttee on
\nthe PIB, said the three bills under consideration would have tremendous
\nimpact on the economy and investment opportunities when passed into law.<\/p>\n
The bills, according to a statement by the Chief Press Secretary to the
\nPresident of the Senate,\u00a0 Sanni Onogu, in Abuja, include the Petroleum
\nIndustry Administration Bill 2018, Petroleum Industry Fiscal Bill 2018 and
\nthe Petroleum Host and Impacted Communities Bill 2018.<\/p>\n
Recall that the Senate recently passed the Petroleum Industry Governance
\nBill (PIGB) which is now before the Conference Committee of both chambers
\nfor harmonization.<\/p>\n
The objective of the Petroleum Industry Administration Bill, according to
\nthe President of the Senate, is to transform the administration of the
\nupstream, midstream and downstream sectors of the Nigerian petroleum
\nindustry.<\/p>\n
He said: “Firstly, the Bill creates a framework that will free up acreages
\nthat are not being developed by current license and lease holders, thereby
\ncreating opportunities for new investors. This will bring substantial new
\ninvestment to our oil and gas industry.<\/p>\n
“Secondly, it ensures effective management of the environment by petroleum
\noperators and administrators.<\/p>\n
“Thirdly, it provides a framework to unleash midstream activities which
\nwill open up the market for the supply of gas and other downstream
\nproducts, for economic growth. Above all, I believe the most important
\nfeature of this Bill is that it provides much needed legal backing for the
\nderegulation of our downstream petroleum sector,” he stated.<\/p>\n
He noted that the Petroleum Industry Fiscal Bill, aims to fix the
\nanomalies in the nation’s\u00a0 existing fiscal framework for the petroleum
\nindustry which is outdated, especially with regards to royalty and tax
\nregimes.<\/p>\n
“For instance, billions of dollars have been lost through non-invocation
\nof provisions in subsisting laws, at those times when crude oil price
\ncrosses certain thresholds,” Saraki said. “The Bill will fix this as well
\nas remove difficulties and uncertainties surrounding our tax assessment
\nand collection system.”<\/p>\n
He added: “Additionally, it will remove distortions created by the
\nAssociated Gas Framework Agreement; and provide comprehensive fiscal terms
\nfor the development of our abundant natural gas resources.<\/p>\n
“Perhaps the most critical objective of the Petroleum Industry Fiscal Bill
\nis that it will enhance our international competitiveness and make Nigeria
\na choice destination for oil and gas investors,” he stated.<\/p>\n
The Petroleum Host and Impacted Communities Bill, according to him,
\nprovides for a legal framework for the development of the petroleum host
\nand impacted communities.<\/p>\n
“It is a pan-Nigeria Bill that will cater for communities that are hosts
\nto upstream assets, as well as significant midstream and downstream assets
\nand infrastructure.<\/p>\n
“The Petroleum Host and Impacted Communities Bill is unique because it
\novercomes the pitfalls of past efforts; and is structured to bring funding
\nfor the development of host communities, under the direct control of the
\ncommunities themselves.<\/p>\n
“We expect the Bill to make for greater harmony and partnership among the
\nvarious stakeholders in the sector. I urge everyone to pay particular
\nattention to presentations by representatives of host communities,” he
\nsaid.<\/p>\n
He stated further that the bills are critical to the growth of the
\nnation’s economy, the livelihood of all Nigerians and the interests of
\ninvestors.<\/p>\n
“We have the task of delivering these Bills which, together, will enhance
\nthe growth of our oil and gas industry, modernise our fiscal system and
\nenhance competitiveness, while creating harmony for all stakeholders,” he
\nsaid.<\/p>\n
President of the Senate, Dr. Abubakar Bukola Saraki, has said that the three new Petroleum Industry Bills (PIB) being considered by the Senate will boost economic growth and lead to…<\/p>\n","protected":false},"author":1,"featured_media":59885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-62510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n