Pib Bill | UpgradeArchive

For each of the main revenue streams taxes royalties fees bonuses dividends and crude sales the PIB should establish. The News Agency of Nigeria NAN reports that the bill was the first in a series of long awaited petroleum industry laws designed to reform the Nigerian oil and gas industry.

Photo The Guardian Petroleum Industry Governance Bill Pigb Was Laid On Around The Worlds Nigeria World

The Nigerian Senate and the House of Representatives made history on Thursday when they passed the Petroleum Industry Bill PIB after two decades.

Pib bill. It is expedient to note that the Bill has been in the making for about twenty 20 years and involved countless stakeholder consultations and engagements. Nairametrics reported earlier this month that the Nigerian government had added some changes to the Petroleum Industry Bill PIB which included the reduction of hydrocarbon tax to 30 for converted leases down from 425 in its original bill plan in. What is the Petroleum Industry Bill PIB.

Senate passes the Petroleum Industry Bill The Nigerian Senate passed the Petroleum Industry Bill earlier today. Petroleum Industry Bill PIB 2020 2 min read The oil and gas industry has a significant impact on the Nigerias economy. The Bill seeks to provide for Legal Governance Regulatory and Fiscal Framework for the Nigerian Petroleum Industry the Development of Host Communities and for related matters.

This part of the blog seeks to summarise the Bill along its 9 parts. Part I Objectives. The PETROLEUM INDUSTRY BILL 2012 is a 223 page document with 362 sections and 5 schedules.

Though the industry contributes less than 10 to the countrys gross domestic product it contributes about 90 of the foreign exchange earnings and 60 of total income. The Petroleum Industry Bill PIB 2020 is a law in the making which seeks to introduce far-reaching reforms in the Nigerian oil and gas industry. At the time the PIB was split into four namely Petroleum Industry Governance Bill PIGB Petroleum Industry Administration Bill PIAB Petroleum Industry Fiscal Bill PIFB and Petroleum Host Community Bill PHCB.

If you havent caught up with the Petroleum Industry Governance Bill or PIB. As reactions continue to trail the passage of Petroleum Industry Bill PIB Host Communities have rejected the bill that was passed into law. Petroleum Industry Bill that tackles current revenue collection problems would help net Nigeria billions in extra development revenues.

The PIB was first introduced into the National Assembly in 2008 as an executive bill by then president Umar YarAdua now late The 6th National Assembly 2007 - 2011 failed to pass the bill. The Bill has now been passed by both houses of the National Assembly. The bill was reintroduced into the National Assembly in 2012 by former President Goodluck Jonathan.

Both versions of the Bill which are similar will go through the reconciliation process before going for the Presidents assent. The Petroleum Industry Bill PIB 2020 is a law in the making which seeks to introduce far-reaching reforms in the Nigerian oil and gas industry. PIB bill passed into law amid sharp division over 5 for host communities The Senate on Thursday passed the Petroleum Industry Bill PIB into law after over 20.

It was first presented to the National Assembly in 2008. The House of Representatives first passed the bill before the Senate followed suit. The Bill is divided into 9 parts which propose to cover the entire spectrum of the oil and gas industry.

What is the Petroleum Industry Bill PIB. The Petroleum Industry Bill PIB 2020 is a law in the making which seeks to introduce far-reaching reforms in the Nigerian oil and gas industry. What are the major objectives.

The PIB aims to improve transparency attract investors stimulate growth and increase government revenues.

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