WHAT YOU NEED TO KNOW ABOUT THE PETROLEUM INDUSTRY BILL.

The petroleum industry bill (PIB) has been in the purview for about 20 years. The first bill was presented in 2008 but unfortunately, it had not been passed into law owing to the indifference of some relevant stakeholders in the petroleum sector.

PIB is a legislation that will bring about reforms in the Nigerian oil and gas industry. The bill upon passage into law will combine 10 existing Nigerian petrol laws into 1.

NNPC (Nigeria national petroleum corporation) and the DPR (Department of petroleum resources) will be incorporated into a legal entity; there will be a clear demarcation between the upstream (exploration, drilling and extraction), midstream(Transportation of crude oil) and downstream (Refining and distribution) sectors.

The upstream sector will pay less tax, as this will attract more investors(both local and foreign) to the sector. The bill also seeks to allow host communities get entitled to 3-5% of the expenditure of the oil companies. Host communities are the areas where the crudes are being explored.

The inconsistency in the rate that goes to the host communities is due to the differences between the proposals of the House of Representatives and the Senate; the former is proposing for 5% while the latter is sticking with 3%.

The execution of the bill depends on when the President signs it into law.

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