The Federal Executive Council (FEC) has approved the Petroleum Industry Bill (PIB) for onward transmission to the National Assembly.

Briefing State House correspondents at the end of its weekly council meeting, the minister of petroleum resources, Mrs. Deziani Allison-Madueke said the new PIB which will ensure the independence of the regulators in the oil and gas sector as well as unbundle the NNPC, will yield high return on investments for Nigerians.

“The new PIB is going to make the oil industry more competitive and accountable. It proposes revolutionary changes in the industry,” said the minister

She said that the fiscal frameworks which delayed the bill in the past have been reworked and that when passed by the National Assembly, the country will remain an interesting investment destination for oil and gas investors.

FEC also directed the ministers of agriculture and finance to reduce the import duty rate for cassava enhancing enzymes from 10 to 0 percent as well as come up with a development fund that will support the value chain in the production of bread in an effort to promote cassava farming in the country as well as reduce the country’s dependency on importation of wheat.

Budget Office of the ministry of finance will manage the fund meant for small scale millers who may need additional support.

Mekky2010: Any insight as to it's content? I just hope that the multinationals that held the old one hostage did not have their way ....

Rossikk:

I heard they did have their way. I hear the new bill is more favourable to the multinationals like Shell, than the previous one.

pecopeco: Thank God

Joe Batters: I hope this bill does not contain excess loopholes, clauses and potholes, because anything that has to do with oil, those overfed CABAL members will get their over paid lawyers(SAN) to doctor a hollow bill n send it to NASS.
God help Nigeria, a country full of smokes n mirrors.

azimibraun: Are u guys nigerians @ all? Hv u guys tot of its implementation @ all? Hw hs d odas such as d fIB bill worked? Wt of local content? Dis wll change noting.

TroGunn: Nice one. And people, a little positivity won't kill you. The minimum wage was implemented by FG, only state govts messing around with it. Also local content bill is really helping Nigerian companies in the oil and gas industry- insiders know this, though not perfect but better than before.

If only GEJ would privatise power, allow State Police, scrap the federal road rubbish and send the monies to the states.

Beaf: The PIB will gradually increase our earnings from the petroleum sector, from about $100billion to just under $700billion. A seven fold increase!
Surely, thats got to be healthy.

Beaf:

Send more money to the states that do nothing? I don't support that in the least.
Each state should be an economically viable and autonomous entity that should be funding the FG. It is an abberation for the FG to fund states, in fact, Nigeria is the only country in the World I know that has parasitic states.

In the rest of the World, it is the states that generate jobs and development. For example, the US govt did not create Silicon Valley, home of Microsoft, Google, Facebook etc; the state of Carlifornia created the enabling environment. The US govt did not create Holywood, Miamey Beach, Las Vegas etc; private enterprise coupled with local/state govts did.

Every Nigerian should fight tooth and nail to end the awuf culture, because it is the reason we remain backward. Free money for zero work creates an unhealthy environment.

Beaf:

Send more money to the states that do nothing? I don't support that in the least.
Each state should be an economically viable and autonomous entity that should be funding the FG. It is an abberation for the FG to fund states, in fact, Nigeria is the only country in the World I know that has parasitic states.

In the rest of the World, it is the states that generate jobs and development. For example, the US govt did not create Silicon Valley, home of Microsoft, Google, Facebook etc; the state of Carlifornia created the enabling environment. The US govt did not create Holywood, Miamey Beach, Las Vegas etc; private enterprise coupled with local/state govts did.

Every Nigerian should fight tooth and nail to end the awuf culture, because it is the reason we remain backward. Free money for zero work creates an unhealthy environment.

Mandelaguy: On the first of this month,when I posted a thread enumerating the advantages of this new bill,most people wanted to nail me to the cross https://www.nairaland.com/979063/new-pib-resolves-controversy-over now, those people are here thanking God that FEC accepted the bill,after 10 days,they are having a differen thought pattern,this is good and an indicator that they will all swallow their vomits. Good one Diezani and GEJ!

TroGunn:

Abeg that Diezani woman is a disgrace. The most honorable thing she can do in her life is to resign ASAP, after her complicity in the fraud that is NNPC.