Earlier in the week, details emerged that President Muhammadu Buhari had withheld assent to the harmonised Petroleum Industry Governance Bill (PIGB). Ita Enang, the presidential aide on National Assembly Matters, said on Wednesday that the decision was made for constitutional and legal reasons. Mr Enang said the provision of the Bill permitted the Petroleum Regulatory Commission to retain as much as 10 per cent of the revenue generated unduly increases the funds accruing to the Commission to the detriment of the revenue available to the Federal, States and Local governments as well as the Federal Capital Territory. Besides, he said the president felt that expanding the scope of Petroleum Equalisation Fund made some provisions of the draft law to be in divergence from his administration’s policy and indeed conflicted with provisions on the Fund. The development comes against the backdrop of the huge expectations in the industry, following more […]