PIB: SPACES FOR CHANGE submits Memorandum to House of Representatives
By Eyo Nsima
SPACES FOR CHANGE, S4C, has presented a Memorandum to the House of Representatives on Nigeria’s prolonged Petroleum Industry Bill, PIB.
She stated: “There is no better time for the passage of the PIB 2020 than now. Given the plunge in global oil prices brought about by the Covid-19 pandemic, which saw crude trading at less than $40 a barrel and triggered a 60% slump in Nigerian government revenues.
“There is no doubt that the PIB 2020 seeks to increase government revenue from oil and gas operations, and as well lay down a strengthened legal and regulatory framework for the Nigerian oil and gas industry, set up structures for the establishment of commercially driven petroleum entities; and promote transparency in the administration of Nigerian petroleum resources.”
She added: “Succinctly put, the bill seeks to address the problem of administering petroleum resources in line with global best practices, and to provide for efficient and independent regulation of the sector.”
.Details coming soon.
