Hopes for Nigeria’s economic lifeblood
Nigeria’s minister of state for petroleum says the country is currently reviewing all petroleum sector laws and one of the comprehensive road map for the sector in a few months.
Dolapo Oni, Head Energy research at Ecobank in an interview with CNBC Africa, spoke about his meeting with the minister. He said, ‘The minister of state for petroleum briefed us at the meeting last week that the petroleum industry bill (PIB) was going to be split into three parts and they are already working on two more drafts.’
Now, what we currently have in the senate is the petroleum industry governance bill which deals with how the government relates to the petroleum sector, that’s more like a legislative bill. Then there is going to be a fiscal Bill which will talk about how the government will charge taxes or royalties or the like and this is going to be driven by the executive.
This new move on the petroleum industry bill has not been received without skepticism as we have talking about it for so long, most Nigerians now hope that it will not drag on for so long till the point where the aim becomes defeated. Nigerians are hoping that the PIB be treated as a matter of urgency. Although this administration still has about three years to the next election, Nigerians are not ready for eleventh hour solutions and most want something done within this period.