The house of representatives has re-committed and passed the the petroleum industry governance bill (PIGB) after considering President Muhammadu Buhari’s concerns.
The lower legislative chamber passed the bill on Thursday after removing the provisions Buhari disagreed with.
It said the decision to withdraw the affected clauses in the bill is because the president’s observations are germane for the smooth operations of the bills.
Buhari had rejected the bill, citing constitutional reasons.
He had given three major reasons including: “a) That the provision of the Bill permitting the Petroleum Regulatory commission to retain as much as 10% of the revenue generated unduly increases the funds accruing to the Petroleum Regulatory commission to the detriment of the revenue available to the Federal, States, Federal capital Territory and Local governments in the country.
“b) Expanding the scope of Petroleum equalisation fund and some provisions in divergence from this administration’s policy and indeed conflicting provisions on independent petroleum equalisation fund.
“c) Some legislative drafting concerns which, if Assented to in the form presented will create ambiguity and conflict in interpretation.”
The proposed law, which was conceived to liberalise the governance structure of Nigeria’s oil industry, is one of the four bills in which the omnibus petroleum industry bill (PIB) was broken into by the legislature after over a decade of motion without movement.