Wednesday, October 5, 2022

Minister Sylva says PIB will be shelved in parliament till next year

The bill scaled first reading in the Senate on September 30 and anticipation is high.

• October 7, 2020
Timipre Sylva (Credit: @NNPCGroup)
Timipre Sylva (Credit: @NNPCGroup)

The National Assembly has postponed work on the Petroleum Industry Bill to next year.

Junior oil minister Timipre Sylva said on Wednesday that the lawmakers have decided to put the bill aside in order to focus on passing the 2021 budget before January.

“What the National Assembly has told us in our engagement with them is that the PIB, which is a very important piece of law, is coming at a time when they will be considering the Appropriation Bill”, Mr. Sylva told reporters at the Joint Executive-Legislature Leadership Retreat held in Abuja.

“And you know that this Appropriation Bill will be passed before the first of January, so they have to focus on the Appropriation Bill at this time. I think that is going to delay deliberations on the PIB till the first quarter of next year”, the minister added.

President Muhammadu Buhari presented the PIB to the National Assembly last week after protracted consultations with industry stakeholders.

The bill scaled first reading in the Senate on September 30.

The bill proposes to restructure NNPC and create two new regulators as part of measures to reform the oil sector. NNPC will be replaced with the Nigerian National Petroleum Company Limited, but the government will still fully own this new company.

The new regulators will be the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Africa

WHO confirms 29 dead in 63 confirmed Ebola cases in Uganda 

WHO is working diligently in Uganda to support the government in responding to an Ebola outbreak in four districts.

Adetunji Adeleye

States

Amotekun impounds 80 ‘Okadas’ in Ondo for violating restriction order

The seizure came after the governor Rotimi Akeredolu-led state government ordered a ban on the movement of commercial motorcyclists at night.

Festus Keyamo and Bola Tinubu cycling

Heading 3

Tinubu loves cycling; he’s strongest presidential candidate: Festus Keyamo

“People who are close to him, they know that he’s an avid cyclist; he does that all the time. It’s his routine.”

TCN and Sule Abdulaziz

Heading 1

FG to add 817 megawatts to national grid: TCN

The project will add five transmission substations, 143 kilometers of 330 Kilo Volts (KVs) and 81 kilometers of 132 KV transmission lines to Abuja.

National Central Bureau and Vice President, Interpol Africa, Garba Umar and NDLEA Chairman, Buba Marwa

NationWide

NDLEA signs MoU with Interpol to share criminals data

Mr Marwa said drug business was international in scope.

Nigerian trading floor

Economy

Investors lose N227 billion after selloffs in Tier-1 banks stocks

The All-Share Index (ASI) also lost 43.04 points or 0.09 per cent to close at 48,836.70 compared with 48,879.74 posted on Tuesday.