NATIONAL ASSEMBLY PASSES PETROLEUM INDUSTRY GOVERNANCE BILL

The National Assembly has passed the Petroleum Industry Governance Bill PIGB which seeks to provide for the governance and institutional framework for the petroleum industry.

The Petroleum Industry Governance Bill is the first part of the Petroleum Industry Bill to be passed by the National Assembly.

It imposes a five percent fuel levy on fuel sold across the country to be used to finance the Petroleum Equalisation Fund.

The PIGB also seeks to unbundle the Nigerian National Petroleum Corporation (NNPC) and provide for the establishment of the Federal Ministry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company and National Petroleum Company.

After several failed attempts to pass a law to regulate the country’s petroleum industry, the Senate had in May 2017 passed the PIGB.

However, it wasn’t until January 2018, that the House of Representatives passed the bill, paving way for the passage of the harmonised version on Wednesday.

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