The Nigerian National Petroleum Corporation (NNPC) has urged the Senate to consider simplifying the fiscal provisions in the Petroleum Industry Fiscal Bill (PIFB) to ensure easy implementation of the law.
Group Managing Director of the corporation, Dr. Maikanti Baru, made this submission during the Senate Joint Committee Public Hearing on the Petroleum Industry Fiscal Bill (PIFB), Petroleum Host and Impacted Communities Development Bill (PHICDB) and Petroleum Industry Administration Bill (PIAB) at the National Assembly on Monday.
Represented by the Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed, the GMD also advocated for the inclusion of clauses to make it easy for the law to be reviewed in response to economic, technical and other considerations.
The corporation advocated for incentivizing oil and gas operations to attract investment into the country.
He said there was need to leave out all regulatory issues in the Bill to ensure progressivity and empower the regulatory commission to effectively regulate the industry.
He said NNPC was fully in support of the Petroleum Industry Reform Bill which has now been broken into regulatory, operational and administrative segments for easy passage.
“It is laudable to note that the Governance Bill has been passed by the Legislature while the Fiscal Bill, Administration Bill, and the Host and Impacted Communities Development Bill are going through legislative processes,” Dr. Baru said.