Page 3 - நைஜீரியா பொருளாதார நிலைத்தன்மை திட்டம் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

PIB: Sinkhole called frontier basin development The Punch Published 6 July 2021 The news of the passage of the Petroleum Industry Bill hit the airwaves like a tsunami last week, sparking surprise, disbelief, and confusion among stakeholders in the Nigerian oil and gas industry. Like the miracle in Cana in Galilee, the House of Representatives passed 318 clauses in less than 20 minutes! This is a feat four to five republics of the National Assembly could not achieve in nearly two decades! Shortly afterwards, the PIB also passed the third reading in the Senate amid chaos and heated debate by the federal lawmakers. Out of the five parts, eight schedules, and 319 clauses of the Bill, Clause 9(4) relating to the Frontier Exploration Fund is the most startling provision that has dominated discussions since the passage last Thursday. The FEF comprises 10% of rents on petroleum prospecting licences, 10% rent on petroleum mining leases, and 30% of NNPC Limited’s profit

Niger deltaNigeria generalUnited statesFederal republic of nigeriaShell petroleumNational assemblyFrontier exploration fundSovereign wealth fundGovernment of the federationPetroleum industryVictoria ibezim ohaeriPetroleum industry billBenue troughDaily times newspaperFederal republicNigeria economic sustainability plan