23 October 2015, Lagos – The Federal Government said it will represent the Petroleum Industry Bill, PIB, to the National Assembly in the first quarter of next year, as its delay deters investment in Africa’s largest crude producer.
Vice President Yemi Osinbajo, who disclosed this also said that government plans to split the oil-industry bill, which has been stuck with the legislators since 2008, obviously succumbing to industry pressure that the scope of the current bill is too wide.
The disclosure comes as a recent UK report criticised the slow pace of decision making and policy formulation by the President Muhammadu Buhari’s administration, saying it was frustrating fresh investments into Nigeria.
Breaking up the PIB, into smaller laws focused on fiscal and regulatory measures in Nigeria’s energy industry would make it easier to pass through parliament, he said.
“Separating the PIB, breaking it up, obviously is the way I would think that we’ll proceed,” Osinbajo, 58, said in an interview on Tuesday in the Aso Rock Villa Presidential Residence in the capital, Abuja. “That’s really what the market has been waiting for.”