Understanding The Petroleum Industry Bill (PIB) In Simple Terms

SAN FRANCISCO, January 23, (THEWILL) – The Petroleum Industry Bill (PIB) is a legislation that when passed into law by the National Assembly would change the entire petroleum industry in Nigeria for good and impact positively on the lives of Nigerians, according to the federal government.
 
What Is The Petroleum Industry Bill (PIB)?
 
In Simple terms the PIB bill will change the entire Petroleum Industry in Nigeria. It will overhaul these:
• The Regulatory Framework,
• Legal Framework (as well as the more than 16 Acts that guide the industry),
• Licensing Procedures,
• And all other related Industry Procedures.
 
The PIB is a legislation that impacts on the policies of the Petroleum Industry and the lives of Nigerians. Accordingly, the membership was drawn from some of the Nigerian Fiscal Agencies and Legal agencies such as:
• Ministry of Finance,
• Federal Internal Revenue Service,
• Revenue Mobilization Allocation and Fiscal Commission,
• Attorney General of the Federation.
 
One representative was appointed from each of these agencies. They have been charged with the duty of ensuring that the PIB is drafted and passed into law. They were given 30 days to produce a draft to be forwarded to the National House of Assembly.
 
In other words, the National Assembly will this quarter begin debate on the bill with a view to passing it into law hopefully before the end of the second quarter.