shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home »  Saraki Lists Gains Of New PIBs

 Saraki Lists Gains Of New PIBs

by Joshua
June 5, 2018
in Uncategorized

President of the Senate, Dr Bukola Saraki, said the three new Petroleum Industry Bills (PIB) being considered by the Senate would boost Nigeria’s economic growth and engender more efficient oil sector.

 Saraki, who stated this while declaring open a three-day public hearing on the Petroleum Industry Bill (PIB) organised by Senate Joint Committee on PIB, said the bills would also make the oil sector globally competitive.

 The bills are Petroleum Industry Administration Bill 2018; Petroleum Industry Fiscal Bill 2018 and Petroleum Host and Impacted Communities Bill 2018.

 Saraki added that as laws, the bills would have tremendous impact on the economy and investments.

 “The Bill creates a framework that will free up acreages that are not being developed by current licence and lease holders, thereby creating opportunities for new investors.

 “This will bring substantial new investment to our oil and gas industry.

 “Secondly, it ensures effective management of the environment by petroleum operators and administrators.

 “Thirdly, it provides a framework to unleash midstream activities which will open up the market for the supply of gas and other downstream products, for economic growth.

 “Above all, I believe the most important feature of this Bill is that it provides the much-needed legal backing for the deregulation of our downstream petroleum sector,” he said.

 The president of the senate also said that Petroleum Industry Fiscal Bill would fix the anomalies in the nation’s existing fiscal framework for the petroleum industry, which was outdated, especially with regard to royalty and tax regimes.

 “Billions of dollars, for instance, have been lost through non-invocation of provisions in subsisting laws, at those times when crude oil price crossed certain thresholds.

 “The Bill will fix this as well as remove difficulties and uncertainties surrounding our tax assessment and collection system.

 “Additionally, it will remove distortions created by the Associated Gas Framework Agreement, and provide comprehensive fiscal terms for the development of our abundant natural gas resources.

 “Perhaps, the most critical objective of the Petroleum Industry Fiscal Bill is that it will enhance our international competitiveness and make Nigeria a choice destination for oil and gas investors,” he said.

 The Petroleum Host and Impacted Communities Bill, according to him, provides legal framework for the development of the petroleum host and impacted communities.

 Saraki said “it is a pan-Nigeria Bill that will cater for communities that are hosts to upstream assets as well as significant midstream and downstream assets and infrastructure.

 “The Bill is unique because it overcomes the pitfalls of past efforts, and is structured to bring funding for the development of host communities under the direct control of the communities themselves.

 “We expect the Bill to make for greater harmony and partnership among the various stakeholders in the sector.

 “I urge everyone to pay particular attention to presentations by representatives of host communities.”

 He further stated that the bills were critical to the growth of the nation’s economy, the livelihood of all Nigerians and the interests of investors.

 “We have the task of delivering these bills which, together, will enhance the growth of our oil and gas industry, modernise our fiscal system and enhance competitiveness, while creating harmony for all stakeholders,” he explained.

 Chairman of the committee, Sen. Kabiru Marafa, said earlier that the public-hearing marked another milestone in revamping the legal base for the administration, taxation and host community empowerment.

 He said that those were needed to drive a win-win and inclusive growth which was essential to JumpStart sustainable value creation.

 He added that the bills when passed and assented to, “will enable our dear country to regain competitiveness, investment influx and peaceful co-existence with host communities.” (NAN)
 


Related Posts

Despite ₦5.17trn Surplus, Dollar Dominates Nigeria-China Trade As Naira-Yuan Swap Struggles

Despite ₦5.17trn Surplus, Dollar Dominates Nigeria-China Trade As Naira-Yuan Swap Struggles

June 30, 2025
Meningitis: Death Toll In Kebbi Hits 56 – Govt 

Meningitis: Death Toll In Kebbi Hits 56 – Govt 

March 24, 2025
Navy Rescues 8 Police Officers,1 Civilian From Boat Accident In Bayelsa

Navy Rescues 8 Police Officers,1 Civilian From Boat Accident In Bayelsa

January 8, 2025
PHOTO NEWS: SIFAX Thanksgiving and Night of Praise 2.0

PHOTO NEWS: SIFAX Group Thanksgiving and Night of Praise 2.0

December 18, 2024

Discussion about this post

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition