Tag: PIB
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P&ID: London court judgment vindicates Nigeria, saves FG $11bn – Fagbemi
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has said that judgment of the UK Court has vindicated Nigeria in case against the Process and Industrial Development Ltd (P&ID). Fagbemi, said this on Monday in Abuja, in his reaction to the judgment
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Petroleum Ministry has delivered on priority areas – Sylva
Petroleum Ministry has delivered on priority areas – Sylva
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LCCI recommends phased fuel subsidy removal
The Lagos Chamber of Commerce and Industry (LCCI) in a statement on Tuesday in Lagos has recommended a phased removal of petroleum subsidy to mitigate its effect on the masses. This was made known by Dr Chinyere Almona, Director-General, LCCI in response to plans of the Federal government to suspend fuel subsidy removal as a…
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BREAKING: Buhari seeks amendment of recently signed Petroleum Industry Act
Barely five weeks after signing the Petroleum Industry Bill (PIB) into law, President Muhammadu Buhari has written to the Senate seeking amendment of the Act. The Senate President, Ahmad Lawan, read Buhari’s letter on the floor of the upper legislative chamber on Tuesday. The president wants the Senate to amend the Act so as to…
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House introduces Bill seeking increase in 13% derivation to 50%
By Emman Ovuakporie A Bill seeking an increase in 13 percent derivation to 50 percent is among bills scheduled in the constitutional review of the 1999 constitution (as amended). TheNewsGuru.com, (TNG) reports the Bill if finally passed via the constitution amendment process will enable oil producing states earn 50percent as against the current 13percent derivatiion.…
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How Nigeria lost $50bn in ten years over non-passage of PIB – Buhari
Nigeria lost an estimated $50 billion worth of oil and gas industry investments in ten years as a result of stagnation in the industry occasioned by uncertainties created by the failure to pass the Petroleum Industry Bill (PIB). President Muhammadu Buhari disclosed this on Wednesday in his remarks at a ceremony on the passage of…
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BREAKING: Buhari commences implementation of Petroleum Industry Act
President Muhammadu Buhari has commenced implementation of the newly signed Petroleum Industry Act (PIA) by approving a steering committee to oversee the process. The steering committee is headed by the Honourable Minister of State, Petroleum Resources, Timipre Sylva. Other members are: Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative…
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PIA: Sylva defends 3% for host communities, 30% for frontier basin
Following the final passage and subsequent signing into law of the Petroleum Industry Bill (PIB), the Minister of State for Petroleum Resources, Chief Timipre Sylva has defended the 3% for host communities and 30% for frontier basin exploration. The Minister of State for Petroleum Resources said that the philosophy behind the PIB, which is now…
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Governors meet today on doctors’ strike, COVID vaccination, PIB, others
The nation’s 36 Governors are to meet on Wednesday (today) to examine pressing national issues, including the ongoing strike by resident doctors, the planned commencement of the second phase of the COVID- 19 vaccination, among others. The Governors will, at the 33rd teleconference meeting of the Nigeria Governors’ Forum (NGF), also aggregate their views on…
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Why we must congratulate Buhari for signing PIB – Uzodinma
Governor of Imo State Hope Uzodinma has said that the signing of the Petroleum Industry Bill 2021 into law will help to regulate environmental hazards such as oil spillage. “All the hazards that follow the production of oil, mostly environmental hazards, are as a result of the absence of regulatory environments,” he said on Channels…