Nigerian President Muhammadu Buhari has revealed that the Petroleum Industry Bill (PIB) will be passed soon, as well as various versions of which have been in the offing for more than 10 years.
Speaking at the Nigeria’s 59th-anniversary celebration, the President said amendments of the Deep Offshore Act and Inland Basin Production Sharing Contracts Act would be passed into law. The reason for this is to ensure the government receives an equal share of oil revenues while encouraging private sector investment, which is important in securing Nigeria’s oil production in the future.
Senate President, Ahmad Lawan, revealed last week that the PIB would be passed into law before the end of 2020.
The group Director-General of the Nigerian National Petroleum Corp. (NNPC) Mele Kyari, this week said the country intends to increase production to 3 million barrels per day within the next two or three years.
Buhari noted the transfer of the Niger Delta Development Commission (NDDC) to the Ministry of Niger Delta Affairs. The president said this decision was as a result of the commitment to enhance the standard of living in the Niger Delta.