Set-back for oil industry reforms as Buhari rejects PIGB

OrderPaperToday – Despite incessant clamour for the reforms of the oil industry, President Muhammadu Buhari has refused to assent to the Petroleum Industry Governance Bill (PIGB).

PIGB is one of the four bills categorized under the Petroleum Industry Bill (PIB), harmonised and passed by both chambers of the national assembly on March 28, 2018 after close to two decades of delays.

The bill was transmitted for assent on the 3rd of July, 2018.

But according to TheCable Petrobarometer on Tuesday, Buhari gave three reasons for denying assent to the bill.

One of the reason cited is that reduces his power as minister of petroleum resources.

Buhari indicated that the ministers he consulted over bill did not support signing it into law.

Another reason, is that he did not see any “fiscal content” of the bill.

It is worthy to note that the lawmakers are deliberating on a separate bill called Petroleum Industry Fiscal Bill (PIFB).

Other bills being considered in the parliament are, Petroleum Industry Administration Bill (PIAB) and the Petroleum Host Community Bill (PHCB).

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