Friday, November 8Nigeria's Authoritative Maritime News Magazine
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Tag: Petroleum Industry Bill (PIB)

by Asu BeksNo Comments
Group accuses FG of using PIB to set up slush fund, endorse southern governors’ stance

Group accuses FG of using PIB to set up slush fund, endorse southern governors’ stance

Misc
  The Federal Government has been accused of using the recently passed Petroleum Industry Bill (PIB) to set up a slush fund for illegal siphoning of Nigeria's commonwealth into private pockets. Reacting the content of the PIB, the League of Professionals for Strategic Advocacy said in a statement that legislating the utilisation of 30 percent of annual profit of the state oil company for exploration in the Chad basin and other frontier basins amounts to setting up a slush fund. "The 30% allocation of NNPC earnings for Frontier Basin Exploration is a slap on the sensibility of Nigerians, especially the accommodating people of the South-South. Who does that in a world where capital deployed into business is at the risk of the investor whose ultimate goal is profit making?" the ...
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by Asu BeksNo Comments
PIB: 2.5% For Host Communities Not Acceptable – Gov. Diri

PIB: 2.5% For Host Communities Not Acceptable – Gov. Diri

News Feature, Press Release
Bayelsa State Governor, Senator Douye Diri, has said the 2.5 per cent revenue proposed for host communities in the Petroleum Industry Bill (PIB) was grossly inadequate and unacceptable to the people of the Niger Delta. Senator Diri stated this on Tuesday during a town hall meeting on the bill with members of the National Assembly and stakeholders in Yenagoa. The governor, who proposed that 10 per cent be provided for host communities, contended that if National Assembly members see first hand the level of environmental degradation and its attendant effects on the people, they would not hesitate to increase it from 10 per cent. Governor Diri, in a press release by his Chief Press Secretary, Mr Daniel Alabrah, stressed that the PIB was critical in addressing issues such as unemp...
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