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Tuesday, May 5, 2015

Reps To Consider PIB Next Week

Ihedioha
Deputy Speaker House of Representatives, Emeka Ihedioha, says the House will commence consideration of the Petroleum Industry Bill (PIB) next week.

Ihedioha, who presided over the plenary on Tuesday in Abuja, disclosed this to the lawmakers.

He said that copies of the report from the ad hoc committee on PIB were circulated to lawmakers for perusal.

It will be recalled that the Chairman of the Ad hoc Committee on PIB, Rep. Ishaku Bawa, (PDP-Taraba) submitted the report of the committee’s assignment to the House in March 2015.

The committee had scrutinised 363 sections and annexure of the original bill and made some amendments and recommendations.

The public hearings conducted by the 23-member ad hoc committee in all the geo-political zones provided opportunities for stakeholders to make their contributions to the bill.

The bill, which covered salient areas, is to ensure the establishment of the Petroleum Equalisation Fund and incorporation of National Gas Company.

Others are the establishment of Petroleum Directorate and National Asset Management Company as well as imposition of new tax regime such as Nigeria Carbon Tax.

The committee in its report recommended the removal of Section 191 of the bill, which gave the president discretionary powers to grant petroleum licenses.

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