Fresh setback for Petroleum Industry Bill
Chairman, Senate Committee on Petroleum, (Upstream) Senator Emmanuel Paulker, who confirmed the abrupt postponement of the public hearing in Abuja, said it was “due to circumstances beyond our control.”
Paulker said there was no cause for alarm as everything would be done to ensure passage of the bill, assuring that “at the end of the day, national interest will prevail and the PIB will see the light of the day in the life of this National Assembly.”
He also explained that opposition against the bill was only against some clauses in the bill, noting that International Oil Companies, IOCs, were only opposed to the fiscal regime of the bill while some northern governors were opposed to 10 per cent equity participation of the host communities.
The Committee Chairman added that stakeholders had agreed that the laws surrounding oil and gas sector were obsolete and needed to be reviewed.
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