President Muhammadu Buhari may dump the Petroleum Industry bill, PIB, proposed by the Goodluck Jonathan administration.

It is not yet Uhuru for the Petroleum Industry Bill (PIB) as the APC transition committee has advised President Muhammadu Buhari to jettison the version proposed by the Goodluck Jonathan administration.

In its place, the committee said “Dr. Rilwanu Lukman’s version” should be passed into law by the national assembly. The omnibus law for the petroleum industry is designed to reform the oil and gas sector, which gives Nigeria over 90% of its forex earnings as well as over 60% of national spending.

The delay in passing the bill is believed to have created uncertainty in Nigeria’s oil and gas industry, leading to the loss of over $80 billion in fresh investments, with investors unsure of the regulatory, political and economic conditions under which they will operate.

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SOURCE: The Cable