PIB: Oil communities to share $600m annually New law begins - TopicsExpress

PIB: Oil communities to share $600m annually New law begins 2015 …Minister to nominate PHCF board If proposals contained in the new Petroleum Industry Bill (PIB) were approved by the National Assembly, oil communities in Nigeria would, from next year, share $600 million annually from contributions made by oil firms in the country. The amount may be adjusted pursuant to subsection 334 of the new Act, “to allow for infla­tionary increase.” The Accountant-General of the Federation is being pro­posed to oversee the account. The proposal is contained in the 707-page report of a Bill seeking for an Act to provide for the establishment of a legal, fiscal and regulatory framework for the petroleum industry in Nigeria and for other related matters being considered by the Senate. Continue reading ow.ly/CEm6u

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