Breaking News
0
Ad-Free Version. Subscribe now to follow markets, faster and distraction-free. More details

Nigeria's senate president vows action on long-delayed oil reform law

CommoditiesJan 12, 2021 21:36
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

ABUJA, Jan 12 (Reuters) - Nigeria's senate president said
that despite forces "working desperately" to derail a
long-delayed oil overhaul bill, lawmakers will push the bill
through the national assembly.
The measure, 20 years in the making, underpins everything
from oil exploration to gas pipelines and fuel regulation.
President Muhammadu Buhari sent it to the senate in September,
and it passed a first reading in both chambers before the end of
2020. The bill would change the structure of state oil company
NNPC, amend oil and gas taxes and revenue-sharing and create new
regulatory bodies, among other things, to make Nigeria's oil
sector more dynamic and efficient. The laws governing Nigeria's oil and gas exploration have
not been fully updated since the 1960s because of the
contentious nature of any change to oil taxes, terms of
exploration, and revenue-sharing. With the other key bill - the 2021 budget - now signed into
law, the petroleum bill will be the first priority when the
national assembly reconvenes later this month. Senate President Ahmad Lawan said that people inside and
outside Nigeria were fighting to scuttle the oil reform.
But he likened the bill to a law passed in 2019 to increase
the government's take of offshore oil revenues, one that oil
companies opposed and regarded as a "joke", he said.
The national assembly passed it within weeks of introduction
and it was quickly signed by Buhari. "That is what we intend to do with the PIB (Petroleum
Industries Bill) by the grace of God," Lawan said.

Nigeria's senate president vows action on long-delayed oil reform law
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email