House of Reps to consider PIB on Tuesday next week

 

The House of Representatives will on Tuesday next week commence consideration of the Petroleum Industry Bill (PIB)

 

Deputy speaker, Hon Emeka Ihedioha who disclosed this during yesterday’s plenary, announced that clean copies of the PIB report has been circulated to lawmakers.

 

It would be recalled that the Ad-hoc Committee led by the House Chief Whip, Hon. Ishaku Mohammed Bawa, had presented the report, in March 2015 after almost three years of its assignment.

 

The committee had scrutinised the whole 363 sections and annexures of the original bill and made some amendments and recommendations.

 

The 23-member Ad-hoc Committee had held public hearings in the six geopolitical zones, including the Federal Capital Territory (FCT), which afforded stakeholders and general public the opportunity to make contributions to the law.

 

The original bill covered salient areas such as establishment of the Petroleum Equalisation Fund, incorporation of National Gas Company, establishment of petroleum directorate and National Asset Management Company as well as imposition of new tax regime such as Nigeria Carbon Tax.

 

In the report, the committee recommended the “complete removal” of section 191 of the bill that gives the president discretional powers to grant petroleum licences and lease and instead proposed biddings for the award of licences.