See also:
» 07.10.2010 - Nigeria bombs provoke north-south split
» 13.05.2010 - Northern Vice President restores Nigeria balance
» 12.04.2010 - Former military ruler wants Nigeria's top post
» 06.04.2010 - Nigerian militias sentenced in Equatorial Guinea
» 18.03.2010 - Nigeria Senate leader calls Gaddafi "mad man"
» 18.03.2010 - Nigeria's Acting President to nominate new cabinet
» 17.03.2010 - Nigeria Acting President sacks government
» 16.03.2010 - Gaddafi: "Split Nigeria into two nations"

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Politics | Economy - Development | Society

Senate endorses oil deregulation policy

afrol News, 14 October - The Nigerian Senate has endorsed the Federal Government's planned deregulation of the oil industry, saying that it had become crucial to redress the looming problems in the petroleum sector.

The new Petroleum Industry Bill (PIB) which has been under serious scrutiny, proposes that the oil industry would be substantially free from government control and run strictly as a business in a deregulated environment.

Government is also aiming at deriving more revenue from petroleum resources by increasing royalties and taxes payable by oil companies, in addition to giving host communities stakes in the ventures.

The Senate's information and media committee chairman, Ayogu Eze, said the government is ready to carry out activities leading to deregulation though it has not been passed into a law, emphasising that the issue of regulation was an administrative issue which was never protected by the law.

“The issue of subsidy was not put there by law. It was a government policy that brought subsidy to cushion the effect of rising prices of petroleum products on the people,” he told local news reports.

The Minister of Petroleum Resources, Dr Rilwan Lukman said the proposed legislation was geared towards reducing government expenses in order to have more money to channel into the development of other critical sectors such as health, education and the general improvement of infrastructure.

The minister expressed optimism that as the seventh highest oil producer in the world, the PIB, when passed would help to transform the Nigerian National Petroleum Corporation (NNPC) into a national oil company that would be commercially viable.

However, the bill has come under criticism from international oil companies (IOCs) accusing the government of trying to create a monopoly for the national oil company and also for the fiscal proposals which are considered uneconomical.

The local trade union, Congress of Nigeria (TUCN) has threatened to mobilise all its affiliates and the people to protest the proposed deregulation which has allegedly been fixed for 1 November this year.

But, on the other hand, the International Monetary Fund (IMF) has described the PIB as a professional legislation capable of positively repositioning the Nigerian economy.

The IMF’s Fiscal Affairs Adviser and leader of the delegation, Charles Mcpherson, told This Day, that the proposed reforms would form the integral part of Nigeria’s economic reforms.

“It is a very, very exciting project, particularly after knowing how it began and how you worked it out over the years. It’s very professional, very thorough work and so I don’t know what we can add, I hope we can add something,” he said.

He said the transformation plans for the NNPC which is central to the success of any incorporated joint venture approach, would free up the funds in the budget to independent financiers that have NNPC’s activities.

Meanwhile, the endorsement of the bill by Senate saw the resurgence of fuel queues in Abuja.

A statement by the NNPC’s Group General Manager, Public Affairs Division, Dr Levi Ajuonuma, linked the situation to the refusal of filling station attendants to dispense products through all the nozzles at the filling stations.

Mr Ajuonuma accused some independent and major marketers of reducing the number of trucks sent out to bring in products to the fuel stations.

- Create an e-mail alert for Nigeria news
- Create an e-mail alert for Politics news
- Create an e-mail alert for Economy - Development news
- Create an e-mail alert for Society news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at