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Tag: PIA

PIA opens doors to Investment, Job Opportunities
By Joyce Remi-Babayeju
The Federal Capital Territory, FCT, Minister, Barr. Nyesom Wike, has disclosed that the Petroleum Industry Reform Act (2021), has opened the door to greater investment, innovation, and job opportunities in Nigeria.
Wike, also explained that with the passage of the Act , the county has laid the groundwork for a More transparent, efficient and competitive petroleum industry, adding that it a watershed moment in the nation’s history.
The minister made this known at a two-day retreat, organized by Members of the House of Representatives on Economic Transformation and Development Towards Effective Implementation of the Petroleum Industry Reform Act (2021) and Tax Reforms/Modernisation, held in Abuja.
The Minister who was represented by the FCT Minister of State, Dr. Mariya Mahmoud, noted that the true impact of the Act would be realized through effective implementation.
The minister commended the Speaker and leadership of the House of Representatives for organizing the programme, noting that the retreat demonstrates the unwavering dedication to serving the people of Nigeria.
“Your role as legislators is pivotal in shaping policies that drive economic growth, foster innovation, and ensure equitable development for all Nigerians.”
“As representatives of the people, it is incumbent upon us to ensure that the provisions of this Act are translated into tangible benefits for all Nigerians.”
“We must work tirelessly to foster an enabling environment for investment, promote local content participation, and uphold the highest standards of governance and accountability in the petroleum industry.”
While noting that the imperative of tax reform and modernization could not be overstated, the nation’s tax system must evolve to reflect the dynamic nature of the economy and the realities of the 21st century.
By simplifying tax procedures, closing loopholes, and giving incentives for compliance, we can enhance revenue generation, promote investment, and spur economic growth,” the minister affirmed.
May 1, 2024
FG Proposes Extension Of Fuel Subsidy Removal By 18 Months, Seeks To Amend PIA
The Federal Government is proposing to extend the period for the implementation of the removal of subsidy on Premium Motor Spirit (PMS), popularly known as petrol, by 18 months.
The Minister of State for Petroleum Resources, Mr Timipre Sylva, announced this on Tuesday while briefing State House correspondents in Abuja.
He disclosed that the government has concluded plans to approach the National Assembly to amend the Petroleum Industry Act (PIA).
“We are proposing an 18-month extension but what the National Assembly is going to approve is up to them,” the minister said. “We would approve an 18-month extension and then it is up to the National Assembly to look at it and pass the amendment as they see it.
“With assent by the President on August 16, 2021, the PMS subsidy removal was therefore expected to take place effective February 16, 2022. However, following extensive consultations with all key stakeholders within and outside the government, it has been agreed that the implementation period for the removal of the subsidy should be extended.
“This extension will give all the stakeholders time to ensure that the implementation is carried out in a manner that ensures all necessary modalities are in place to cushion the effect of the PMS subsidy removal, in line with prevailing economic realities.
“The President assures that his administration will continue to put in place all necessary measures to protect the livelihoods of all Nigerians, especially the most vulnerable.”
Sylva, who chairs the PIA Implementation Committee, stressed that the decision of the executive arm of government to seek an amendment of the law was not politically motivated.
Rather, he explained that such a move has become necessary to halt the potential suffering of the vulnerable in the society.
The minister believes other measures such as the Dangote refinery, the Port Harcourt refinery, and other modular refineries will have significantly come on stream by the end of the year.
According to him, the new PIA provides for unrestricted market pricing for PMS from the effective date.
Sylva, however, stated that the PIA also envisaged the potential for supply disruption with its resultant effect on the economy.
“Consequently, it provides for a window of six months from the effective date for the government to request the services of NNPC Limited as the supplier of last resort.
“This is to forestall supply disruptions and guide market readiness preparatory to migration to the deregulated pricing regime,” he added.
President Muhammadu Buhari, he stated, has assured Nigerians that his administration would continue to put in place all necessary measures to protect the livelihoods of the citizens, especially the most vulnerable.
January 25, 2022
PIA has reinforced our role in Oil and gas – NCDMB ES
The Executive Secretary of Nigerian Content development and Monitoring Board, Engr Simbi Wabote on Tuesday said that, the Petroleum and Industrial Act (2021) has reinforced board role in the oil and gas sector.
According to him, the board is poised to fully utilize the opportunity provided to derive maximum benefit for our country, Nigeria.
Wabote spoke on the theme: “Driving Nigerian Content in the New Dawn of the Petroleum Industry Act’’, at the 10th Edition of the Practical Nigerian Content Forum which kicked off with Golf Tournament and Anniversary Dinner.
He said, “this year marks the fourth year of the journey since commencement in 2018. Permit me to provide updates on each of these pillars and enables as well as our targets against next year.
” It gives me great pleasure to highlight that we delivered on the 5,000bpd Waltersmith Modular Refinery as you will recall it was commissioned by Mr. President in November 2020.
“We will be commissioning the first 100MT storage and bottling plant in Katsina in the next few days. Also, in partnership with Brass Fertilizer, we are developing a 10,000 tonnes/day Methanol Production Facility at Brass Island, Bayelsa State.
“With regards to the 5th pillar, Sectorial and Regional Market Linkages, we promised in year 2019 to extend our collaboration with sister agencies and other MDAs to enhance enduring partnerships that support the patronage of local investors
“We believe we are on track towards the 70% NC target but we will need the support of all industry stakeholders to make it happen.”
The Bayelsa State governor Governor Douye Diri, while declaring the 10th Annual Practical Nigerian Content Forum open said, they are committed to working with all parties and interests to create the conditions desirable to provide the enabling environment for successful operations in the oil and gas sector.
Diri said, “We need to re-engage and build trust across all fronts. If Local Content must lead to Local Contentment, we must be deliberate in promoting its raison d’être (objectives). Which without polemics, should be about creating the key conditions that will allow Nigerians to acquire sufficient skills and be architects of their own fortunes and those of their communities.
“I am persuaded, that if we follow through on my humble suggestions, we will evolve an oil and gas sector, more aligned with the aspirations of our theme:- “Driving Nigerian Content in the New Dawn of the Petroleum Industry Act,” for the edification of my people and the increased profit of the industry.
I wish you fruitful deliberations and look forward to your support and your innovative ideas on how to bring Local Contentment to Local Content. Because we know that if we do that, we will deliver benefits not just here in Bayelsa State, but to the country as a whole, for many more years and decades to come”
November 30, 2021
PIA: Senate confirms NMDPRA board members
The Senate on Thursday confirmed the appointment of four nominees as members of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The nominees are, Idaere Gogo Ogan (Chairman); Farouk A. Ahmed (Chief Executive Officer); Abiodun Adeniji (Executive Director, Finance and Accounts); and Ogbugo Ukoha ( Executive Director, Distributions System, Storage and Retail Infrastructure)
The confirmation of the nominees followed the consideration of a report by the Committee on Downstream Petroleum Sector during plenary.
The report was presented by its Chairman, Senator Sabo Mohammed (Jigawa South-West).
Mohammed, in his presentation, said that their appointments are in accordance with the provisions of section 34(3) of the Petroleum Industry Act, 2021.
According to the lawmaker, “the nominees possess the technical knowledge and professional expertise to be Chairman, Chief Executive and Executive Directors of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.”
He stated that the Committee did not receive any petition against their nominations for appointment, adding that they were cleared by the Nigeria Police Force, Department of State Services (DSS) and possess the Code of Conduct Acknowledgement Slips.
Senator Ajibola Basiru (Osun Central), said the synergy between the executive and legislature has paid of from committed efforts aimed at stabilising the Nigerian economy, particularly the Oil and Gas sector with the passage of the Petroleum Industry Act.
“I think this should be noted for Nigerians to know that country is ready for full utilization and optimization of the benefits in the oil and gas sector”, he said.
The Senate President, Ahmad Lawan, in his remarks, said that the nominees are primed to lay the foundation for the Nigerian Midstream and Downstream Regulatory Authority.
He, therefore, advised the confirmed nominees to work in collaboration with the relevant committees of the National Assembly to ensure positive outcomes in the oil and gas sector.
He said, “They need to work hard, they need to be selfless. What they do is going to impact very significantly on the reform of the petroleum industry in Nigeria.
“In fact, when they work hard on the foundation, they could get it right and then any other development in the future will be on a very sound, strong and stable foundation.
“To do otherwise is not an option. This is a trust that this nation has bestowed on them.”
October 7, 2021
BREAKING: Buhari Sends PIA to Reps for Amendment
President Muhammadu Buhari has written to the House of Representatives, seeking some amendments in the Petroleum Industry Act (PIA), which he recently assented to.
The three-page letter was read by the Speaker, Hon. Femi Gbajabiamila at the plenary on Tuesday.
Details later….
September 21, 2021