Nigeria’s national assembly may pass the petroleum industry bill in April, the country’s minister of state for petroleum said.“The National Assembly has expressed the intent to pass the PIB bill in April 2021,” said Timipre Sylva, told reporters on Thursday.
The key objective of the fiscal aspect of the bill is to encourage investment in the petroleum industry while optimizing revenues accruing to the Government.It also seeks to ensure that transparency is achieved in the administration of the petroleum sector and Nigerian content is promoted through an efficient and effective regulatory framework.The bill has seen different back and forth over 20 years.
Sylva said the National Assembly will pass the bill in April, adding that efforts are being made to meet the target.