- Uncertainty trails the passage of the PIB
- Oil-producing communities seek higher allocations
- Sylva allegedly seeks to float NNPC shares
Less than one week to the deadline, uncertainty trails the Petroleum Industry Bill (PIB), uncertainty trails the passage of the PIB as Stakeholders seek an amendment to the proposed Bill. Increased revenue allocation for oil-producing communities, floating of the shares of state-owned oil corporation, market parity for gas prices are some of the demands of the stakeholders.
Some sources who spoke on the condition of anonymity say, Minister of State Petroleum, Timipre Sylva, has backed the floating of the shares of state-owned Nigerian National Petroleum Corporation (NNPC) and market-based pricing for gas. Oil-producing communities in the Niger Delta are also seeking an increase in the revenue allocation from 2.5% to 10%; this comes as the stakeholders from Northern Nigeria demand an increase in their share of the oil revenues.
On market-based gas pricing, it is unclear if the demand to deregulate gas pricing fully will be approved by the National Assembly. The Labour Unions are currently in talks with the Federal Government on the rising cost of living and electricity tariffs occasioned by the increase in the prices of petroleum products. It is, however, certain that the FG cannot continue to subsidise petroleum products.
The National Assembly is set to go on a recess in July.