Nigeria’s ruling party recommended the government discard a long-delayed oil-industry bill, review fuel subsidies and sell off some units of the state petroleum company. The Petroleum Industry Bill 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,” the All Progressives Congress said in a report obtained by Bloomberg on Monday. Kayode Fayemi, the APC’s policy director, confirmed the authenticity of the document. The bill has been delayed in parliament 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. The […]