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PIGB: 10% proposed for Petroleum Regulatory Commission too high—Presidency

More facts emerged Thursday on why President Muhammadu Buhari withheld his assent to the Petroleum Industry Governance Bill (PIGB).
According to the Senior Special Assistant to the President on National Assembly matters, Senator Ita Enang, “One of the issues was the 10 per cent proposed for Petroleum Regulatory Commission, which he said was on the high side”.
“By Presidential communication of July 29, 2018 addressed to the Senate and House of Representatives, Mr. President did communicate decline of assent to the Petroleum Industry Governance Bill, 2018 for constitutional and legal reasons stated therein.
“By convention, it is inappropriate to speak on the content of Executive communication addressed to the Legislature until same has been read on the floor in plenary.
“But I plead for the understanding of the legislature that due to the misrepresentations in the public domain and apparent deliberate blackmail, which if not promptly addressed may set both the executive and the legislature against the public and even the international investment community, this be excused,” Senator Enang averred.
Before now, industry analyst had linked lull in the expected speed of investments in the nation’s oil and gas sector to policy inconsistency which they argued is being clearly demonstrated by the presidency in delaying the assent to the Bill passed by the two chambers of the National Assembly months ago.