December 16, 2017

APC’s manifesto on Infrastructure and Oil & Gas

Buhari Election

Buhari secures historic election victory in Nigeria Infrastructure and Oil and Gas On Infrastructure we will: Review the Public Private Partnership (PPP) enabling environment with a view to addressing the legal, regulatory and operational bottlenecks, challenging the effective administration of the system, by introducing enabling legislation. In addition, We will create a National Infrastructural Development Bank to provide loans at nominal interest rates, exclusively for this sector; Generate, transmit and distribute electricity on a 24/7 basis whilst simultaneously ensuring the development of sustainable/renewable energy, by 2019. Embark on a National Infrastructural Development Programme as a Public Private Partnership that will…

Timeline for the Passing of the Petroleum Industry Bill

PIB-will-boost-output

No time to waste Any draft law that attempts to update and replace 16 pieces of existing legislation, some going back almost 50 years, is bound to attract a lot of scrutiny. The Petroleum Industry Bill (PIB) has come a long way towards doing that. Since its birth in December 2008 it has had a series of reincarnations, with the latest version of the Bill being presented on 18 July 2012 by President Dr. Goodluck Ebele Jonathan, GCFR to the National Assembly for deliberation and ratification. With a range of vested interests from diverse stakeholders, this Bill is regarded by many…

The PIB: What it gets right

PIB

The Petroleum Industry Bill is necessarily complex. It has some features that I strongly support and others that give cause for concern. In this short piece, I will not attempt a comprehensive commentary. Rather, I will focus on one important change that the PIB proposes: the design of taxation. Discussion of oil taxation rapidly degenerates into a predictable contest between foreign oil companies that complain that too much skin is being removed from the cat, and suspicious Nigerians who assume that the companies are ripping the country off. Although I will touch on this contentious issue, it is secondary to…

Top Judicial Figures Call For Quick Passage Of PIB

_Justice-Aloma-Mukhtar

The Chief Justice of the Federation, Mariam Aloma Mukhtar, has added her voice to those calling for the swift approval of the Petroleum Industry Bill. Justice Mukhtar made the appeal in mid-October at a gathering in Abuja to improve understanding between the Nigerian judiciary and the oil and gas industry. She said “the passage of the Bill will eliminate various legislative hiccups and open new frontiers for a more robust oil and gas sector that will be both private sector led and commercially driven”. She said the judiciary must remain steady and current in developing capacity to keep pace with…