Tag: Petroleum Industry Bill

PIB: “Petrol price remains N162 per litre until…” – FG

Aminu Imam

…Cooking gas prices to drop  The Federal Government has declared the pump price of petrol will remain at N162 until it agrees with the Organised Labour for full deregulation of the downstream petroleum sector. Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this in a chat with newsmen in Abuja. According to him, it is now constitutional for Nigeria to deregulate the oil and gas sector. However, when he was asked to state the deregulation date, the minister refused to reveal the time. He noted: “I cannot give…

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President Buhari signs Petroleum Industry Bill into law

Aminu Imam

President, Muhammadu Buhari has today signed the Petroleum Industry Bill (PIB) 2021 into law. This was contained in a statement issued by the President’s Special Adviser, (Media and Publicity), Femi Adesina, on Monday. According to the presidential spokesman, the president assented to the Bill on Monday in his determination to fulfill his constitutional duty. The statement also disclosed that Buhari has been working from home since his arrival in respect to five days’ quarantine, as required by the Presidential Steering Committee on Covid-19 after returning from London on August 13.…

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PIB: FG opts for townhall, urges host communities to use 3% equity judiciously

Aminu Imam

…Introduces new yellow card for travellers The Federal Government has revealed that it will engage oil producing communities in the Niger Delta on issues regarding the 3% of operational costs allocated to them in the just-passed Petroleum Industry Bill, (PIB). The Minister of State, Petroleum Resources, Timipre Sylva, disclosed this in Abuja when a group of Ijaw elders, leaders and critical stakeholders visited him to congratulate him on the passage of the PIB after 20 years. Sylva, who tasked host communities on effective management of the funds, lamented the situation…

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“Passed PIB is satanic, embarrassing” – Edwin Clark

Aminu Imam

Elder statesman, Chief Edwin Clark, has faulted the Petroleum Industrial Bill, (PIB), which was recently passed by the National Assembly. The elder statesman disclosed this in an open letter addressed to the Senate President, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila. According to Clark, the PIB dashed the hopes of the people of the Niger Delta region, adding that it is “satanic, unjust, embarrassing.” This is as he condemned the provision and allocation of 30 percent of profits to the frontier exploration of oil in…

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Finally, National Assembly passes Petroleum Industry Bill

Aminu Imam

…Allocates 3% operating expenditure of oil firms to host communities History was made yesterday, as the National Assembly yesterday passed the Petroleum Industry Bill, also known as PIB, after more than a decade. The passage of the Bill comes exactly 13 years after it was first presented to the National Assembly in 2008. The Bill was passed during the plenary, after careful consideration of each of the clauses by both the Senate and the House of Representatives. The House first passed the bill, before the Senate followed suit. The Senate,…

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Just In: House of Representatives pass Petroleum Industry Bill

Aminu Imam

The Petroleum Industry Bill (PIB) has passed third reading at the House of Representatives. This is coming 24 hours after the Green Chamber received the report on the Bill. The Bill passed the third reading on Thursday, after the chairman of the Ad-hoc Committee on Petroleum Industry Bill (PIB), Mohammed Monguno, presented a report and the lawmakers voted on 319 clauses of the Bill. Before the clauses of the bill were considered, Monguno said by passing the Bill, the ninth house would have succeeded in enacting important legislation. He added…

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