Government Initiatives
The Petroleum Industry Governance Bill (PIGB) was proposed and revised by both chambers in the legislative by March 28, 2018. It seeks to:
Government
Create efficient and effective governing institutions with clear and separate roles for the petroleum industry.
Privatization
Establish a framework for the creation of commercially oriented and profit-driven petroleum entities to ensure value addition and internationalization of the petroleum industry.
Liability
Promote transparency and accountability in the administration of petroleum resources in Nigeria.
Future
Foster a conducive business environment for petroleum industry operations.
However, President Buhari has not passed this bill to date, despite the Senate passing it twice after the bill had been revised for over 17 years.
Bukola Saraki
Nigerian Senate President
That bill, a lot of people when we started said we cannot do it, but we demonstrated we have the political will and the commitment to do it.
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A New Policy
Here at the Nigerian Equality Firm, we support the Petroleum Industry Governance Bill (PIGB), however, we acknowledge that to fix this issue as soon as possible support for the policies can only be generated if hard-hitting issues are addressed. This is why we propose the Economic Petroleum Governance Act (EPGA). The key incentives and objectives of this Act are described in the graphic below:
01
Petroleum Governance
The main principles behind this proposed bill will be saved in this new Act. These include weakening the power of the petroleum minister to reduce corruption. The petroleum industry will also slowly be privatized to better stimulate the economy in businesses.
02
Diversification
From the additional time and money saved from running most of the petroleum industry themselves, the Nigerian government can diversify its economy by promoting businesses in the north and reduce th edrastic poverty rates. Agriculture, the sciences, and arts can be persued to revitalize the country, who has a large majority of its population under 40 years old.
03
Tax Progression
For an extrainious amount of time the Nigerian tax system has consisted of advantageous loopholes and allowed tax dodging and avoidance. With this Act we hope to make a more progressive tax system that will healthily assign money from the wealthy back into the community without being too much of a bearance.