The house of representatives has
re-committed and passed the the petroleum industry governance bill (PIGB) after
considering President Muhammadu Buhari’s concerns.
The lower legislative chamber
passed the bill on Thursday after removing the provisions Buhari disagreed
with.
It said the decision to withdraw
the affected clauses in the bill is because the president’s observations are
germane for the smooth operations of the bills.
Buhari had rejected the bill,
citing constitutional reasons.
He had given three major reasons
including: “a) That the provision of the Bill permitting the Petroleum
Regulatory commission to retain as much as 10% of the revenue generated unduly
increases the funds accruing to the Petroleum Regulatory commission to the
detriment of the revenue available to the Federal, States, Federal capital
Territory and Local governments in the country.
“b) Expanding the scope of
Petroleum equalisation fund and some provisions in divergence from this
administration’s policy and indeed conflicting provisions on independent
petroleum equalisation fund.
“c) Some legislative drafting
concerns which, if Assented to in the form presented will create ambiguity and
conflict in interpretation.”
The proposed law, which was
conceived to liberalise the governance structure of Nigeria’s oil industry, is
one of the four bills in which the omnibus petroleum industry bill (PIB) was
broken into by the legislature after over a decade of motion without movement.
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