APC tells Buhari to kill Petroleum Industry Bill (PIB), review fuel subsidy and sell some NNPC units

Posted by News Express | 30 June 2015 | 2,966 times

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The ruling All Progressives Congress (APC) has recommended that the Muhammadu Buhari administration should discard Petroleum Industry Bill (PIB), review fuel subsidy and sell off some units of the Nigerian National Petroleum Corporation (NNPC).

The PIB should be scrapped and replaced by a new reform bill that’s based on discussions with international oil companies to “ensure all perspectives are adequately considered,” APC said in a report obtained yesterday by Bloomberg. The report quoted Kayode Fayemi, the APC’s policy director, as confirming the authenticity of the document.

The PIB has been delayed in the National Assembly for six years due to political wrangling and opposition by international energy companies against proposed tax and royalty terms, deterring investment into Africa’s top oil producer.

“The APC handed the report, which was based on closed-door meetings on May 20 and 21 in the capital, Abuja, to President Muhammadu Buhari, who took office on May 29 and is yet to appoint a cabinet,” according to Bloomberg.

Buhari, who assumed office on May 29 after defeating President Goodluck Jonathan of the Peoples Democratic Party (PDP) in March elections, has come under increasing criticism for failing to hit the ground running. He has neither named his cabinet nor explained how he intends to tackle the country’s lingering fuel crisis.

•Photo shows Fayemi.

Source: News Express

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