The Senior Special Assistant to the President on National Assembly matters, Ita Enang, has said that the updated Petroleum Industry Governance Bill (PIGB) is now with President Muhammadu Buhari.
Enang made the disclosure on Channels TV while responding to a question from a member of the live audience on the status of the bill.
The PIB, which has been in the works since 2008 when it was first introduced to the legislature, suffered setbacks in the sixth and seventh National Assemblies. The bill seeks to change the organisational structure and fiscal terms governing the industry.
The eighth National Assembly split the PIB into four parts – Petroleum Industry Governance Bill, Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host Community Bill – to fast-track its passage into law.
After its passage by both the Senate and the House of Representatives, the PIGB was transmitted to the President for assent in July last year to enable it to become law but it emerged in August that Buhari declined to assent to the bill.
Enang, had earlier identified the provision of the PIGB permitting the Petroleum Regulatory Commission to retain as much as 10 per cent of the revenue generated as one of the reasons Buhari declined to assent to the bill.
The House of Representatives on May 23, re-committed and passed the PIGB after considering President Buhari’s concerns.
The lower legislative chamber passed the bill after removing the provisions Buhari disagreed with.
It said the decision to withdraw the affected clauses in the bill was because the president’s observations were germane for the smooth operations of the bills.
Source: The Sun