Nigeria’s oil and gas sector, the mainstay of Nigeria’s economy, is still largely governed by the Petroleum Act and the Petroleum Profit Tax (PPT) Act, enacted since 1969 and 1959 respectively. Since the enactment of these laws, the global oil and gas industry has changed significantly from an investment, governance and fiscal perspective. Although certain obsolete aspects of the aforementioned Acts have been amended, their inadequacies are evident, contributing to the development of the Petroleum Industry Bill (PIB or “the Bill”), which was first presented to the National Assembly in 2008. Over 10 years later, the Bill is yet to be enacted, leading to increased uncertainty and hindering the flow of the desired investments to the Nigerian oil and gas sector.
On 28 September 2020, the President presented the PIB to the National Assembly for consideration. The Bill seeks to introduce pertinent changes to the governance, administrative, regulatory and fiscal framework of the Nigerian oil and gas industry, in order to ensure transparency, strengthen the governing institutions and attract investment capital, among other objectives.
Download the latest iteration of the bill below in view of Public Hearing holding from 25th – 28th January, 2021 at Nigeria’s National Assembly
Culled from Mondaq