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Bedeviling PIB with Obnoxious Provisions


Finally, the much-awaited Petroleum Industry Bill was passed by the two chambers of the National Assembly, recently. Of the 319 clauses and eight schedules that make up the bill, the ones concerning the host communities and the frontier development of oil have sparked national conversation, threatening to stir up a storm should reservations arising therefrom are not addressed before President Muhammadu Buhari’s assent. For them, giving three per cent, rather than the 10 per cent demanded, to host communities, stretching the definition to oil infrastructure transit communities and using other people’s oil profit to grope for oil in unlikely or impossible places, bring to remembrance some of the on-going open grazing controversy in the country. Chris Paul reports ....

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PIB Passage: Host Communities To Receive $500m Annually As Age-long Jix Broken


(AFRICAN EXAMINER) – Host communities will receive half a billion dollars annually, as funding from the three per cent approved for Host Communities Trust Fund in the Petroleum Industry Bill (PIB), the Senate has said.
Chairman, Senate Committee on Petroleum Downstream, Sen. Mohammed Sabo said this when he briefed newsmen on Thursday shortly after the senate passed the PIB.
Also speaking on the passage of the PIB bill,   Sen. Babajide Omowarare,  Senior Special Assistant to the President on National Assembly Matters (Senate), said the passage of the Bill  by the Senate on Thursday is breaking of an age-long Jinx.
Omoware added that efforts by the Executive and Legislature in Nigeria to put in place contemporary legislative and legal framework in the oil and gas sector had proved abortive since the year 2000. ....

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NNPC commercialised as Senate passes PIB


The Red Chamber approved the commercialisation of Nigerian National Petroleum Corporation (NNPC) and the scrapping of the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA).
It also okayed 30 per cent of profits accruing from oil and gas operations by the NNPC Limited for the exploration of oil in the frontier basins and set aside three per cent of the operating expenditure of oil companies for the development of host communities.
The Chairman of the Joint Committee, Sabo Muhammed Nakudu, said the bill’s passage and eventual assent into law would strengthen accountability and transparency of NNPC limited as a full-fledged company. ....

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