Reps set to consider Petroleum Industry Bill next week

The House of Representatives is to commence consideration of the Petroleum Industry Bill (PIB) next week.

Deputy speaker of the House, Rep Emeka Ihedioha who disclosed this at yesterday's plenary announced that clean copies of the report of its ad hoc committee on the bill has been circulated to lawmakers.

The ad hoc committee led by the House Chief Whip, Rep Ishaku Mohammed Bawa, PDP, Taraba had presented the report, in March 2015 after almost three years of its assignment.

The committee had scrutinized 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.

It should be recalled that the 7th Assembly killed the PIB at the very last minute of its existence in June 2011.