At a forum in the Federal Capital Territory of Nigeria, Abuja, on Tuesday, 12th January 2021, the President of the Senate, Ahmad Lawan, said the implementation of Nigeria’s Petroleum Industry Bill (PIB) will bring enhanced revenues for the Federal Government.
The Bill passed its second reading in the House of Representatives and Senate in October 2020, but lost its momentum before the end of the year. It is expected to be considered for passage upon resumption of the Senate on January 26th.
The Senate President likened the urgency of the passage of the PIB to that of the 2019 Deep Offshore and Inland Basin Production Sharing Contract (Amendment Act), that combined a production and price-based royalty system to replace the existing production-based one, among other key provisions.
He said: “When we resume, we will start work on the PIB. That is going to be one legislation that not only Nigeria, but the entire world is waiting for because that will change our economy.”
“We will pass the PIB that will ensure that businesses in Nigeria get a very competitive environment, in which people are able to make profit, stay and even invest more. It is absolutely necessary and incumbent on all of us leaders to apply ourselves fully to address the various challenges facing Nigerians.”
In a virtual meeting organised by the Oil Producers Trade Section in Nigeria and Independent Petroleum Producers Group, the Vice President of the country, Professor Yemi Osinbajo, encouraged industry stakeholders to find ways to produce cheaper oil, to increase the country’s standing in terms of production. He said the passage of the PIB will allow a more competitive operating environment.
