News
FG
Creates committee to speed up oil Bill
Written By BEN-Bright Mkpuma, Abuja
Deziani Allison-Madueke, minister of Petroleum has set up a
committee to speed up the passing of an oil law meant to
completely overhaul the nation’s biggest energy industry, her
permanent secretary said in a statement on Monday.
The Petroleum Industry Bill, a huge piece of legislation aimed
at changing everything from fiscal terms to an overhaul of the
state oil company, has been under negotiation for more than four
years and has faced constant delays.
Uncertainty over the reforms - which could significantly
increase the cost of operating in Nigeria - have put billions of
dollars of potential investment on hold, oil executives say.
Allison-Madueke is under pressure to reform the Oil Ministry
after a week of strikes and protests against a hike in fuel
prices spurred public anger at the huge corruption and waste in
both Nigeria's output of crude oil and its importation of
refined products.
She ordered an investigation into corruption in the system for
subsidising motor fuel consumption on Monday, and the new oil
bill committee may be a way of easing pressure on her to move
stalled policy reforms forward.
The statement said six former national assembly members, a legal
adviser and a union member were on the committee. In December,
Allison-Madueke assured stakeholders in the industry that would
work hard to get the bill passed early in 2012.
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