Nigeria's President Signs Historic Oil Overhaul Bill into Law
President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law, weeks after the National Assembly passed the bill. The bill's eventual passage on July 15, 2021, was dimmed by a controversy over the allocation of 3% revenue to host communities in the Niger Delta, while a fund for the exploration of oil in frontier basins, mostly in northern states, received 30%. The governors want a 5% share of oil profits for host communities and insisted that the Nigerian National Petroleum Corporation (NNPC) should not be vested in the Federal Ministry of Finance as proposed. Community leaders in Nigeria's oil-rich regions want changes to the latest version of the bill, asking for a larger share of revenues for the community.
The Petroleum Industry Bill has been two decades in the making to overhaul the way Nigeria will share its oil resources with international oil companies and aim to attract new investment in oil and gas. The bill has been in the works since the early 2000s, but the sensitivity of potential changes affecting Nigeria's key source of revenue and foreign exchange has undermined all previous attempts at an overhaul. The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.
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Nigeria:
Buhari Signs Oil Reform Bill, Ignores Concerns Over 3% Host Communities Fund
Premium Times, 16 August 2021
The president's signing means he accepts the three per cent allocation that dimmed the passage of the bill in July after over a decade. Read more »
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Nigeria:
OPEC Writes Buhari, Hails PIB Assent
Daily Trust, 16 August 2021
The Organisation of Petroleum Exporting Countries (OPEC) has commended President Muhammadu Buhari for assenting to the Petroleum Industry Bill (PIB). Read more »
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Nigeria:
Buhari's Assent to PIB, a Callous Act, Says PANDEF
This Day, 16 August 2021
The Pan Niger Delta Forum (PANDEF) has faulted President Muhammadu Buhari's assent to the Petroleum Industry Bill (PIB) describing it as a "callous act". Read more »
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Nigeria:
PDP Chides Buhari for Signing PIB Despite Public Outcry
Vanguard, 16 August 2021
The Peoples Democratic Party, PDP, Monday berated President Muhammadu Buhari for "ignoring the outcry by Nigerians" across board not to sign the offensive, repugnant, and… Read more »
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Nigeria:
Buhari Signs PIB Into Law
Daily Trust, 16 August 2021
President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) into law. Read more »
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Nigeria:
Buhari Signs PIB Into Law
Vanguard, 16 August 2021
PRESIDENT Muhammadu Buhari, on Monday, signed the Petroleum Industry Bill, PIB, 2021 into law. Read more »
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(file photo).