The much-awaited Petroleum Industry Bill (PIB), yesterday, suffered a setback, as major stakeholders rejected the provisions for host communities’ equity and investment prospects. The issue of right percentage for host communities has stalled the passage of the piece of legislation since 2007. The late Umaru Musa Yar’Adua administration proposed 10 per cent but was rebuffed by northerner lawmakers in the seventh National Assembly. xIN his remarks, Senate President, Ahmad Lawan, said the National Assembly would ensure that the proposed law improves earnings for the country. To the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, the industry does not tolerate uncertainties, hence the bill would re-launch the nation.

Source: The Guardian January 26, 2021 04:17 UTC