BREAKING: Buhari Seeks Amendments To Petroleum Industry Act

President Muhammadu Buhari has requested the Senate to amend sure provisions of the controversial Petroleum Business Act

The joint Nationwide Meeting committees that labored on the PIB had proposed a 5 per cent fairness share for the event of the host communities however the Senate led the marketing campaign for its discount to a few per cent whereas the Home of Representatives permitted the panel’s advice.

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The convention committee arrange by the presiding officers of each chambers of their advice, mounted the fairness share at three per cent and was invariably permitted by the Nationwide Meeting.

The event generated controversy with senators from the South-South geopolitical zone kicking in opposition to it and requested Buhari to resolve the deadlock by looking for an modification to extend the fairness share to 5 per cent.

Nonetheless, the brand new amendments proposed by the President didn’t tackle the considerations of the South-South stakeholders. Reasonably, Buhari’s recent request centred mainly on the necessity to evaluate the executive construction of the Upstream Regulatory Fee and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Buhari is looking for the senators’ approval to extend the numbers of the non-executive board members of every of the regulatory companies from two to 6, with a view to seize the six geopolitical zones.