₦airaland Forum

NIGERIANS DO YOU KNOW YOU ARE ALL STUPID ARABIC CLOTHINGS ON A YORUBA MANS CLOTHING HAHAHA IF YOU LOOK WELL ONE OF THE BULLET PROOF IS MAND OF FULANI CLOTHINGS THE WHITE ONE WITH SOME LINES THAT ASIDE CHECKOUT THE PASSPORTS LOOKS LIKE SOMETHING THAT JUST GOT PRINTED THAT DAY MINT AND FRESH NOT JUST ONE BUT ALL OF THEM NONE LOOKS OLD AND WORN. AHAHA EVEN IF YOU PEOPLE ARE ACTUALLY DUMB UNA SUPPOSE GET SMALL SENSE NAA THAT ALL THESE ARE ONLY STAGED BY THE FG JUST LIKE IPOB WAS STAGED BY THE UNKNOWN GUNMEN SAGA WITH ARMY UNIFORMS AND ARMS WELL WHAT CAN I SAY YOU SOUTHERNERS ARE TRULY A STUPID BUNCH AND DESERVE TO BE RULED AND DOMINATED BY THE NORTH

YOU WANT FG PROTECTION SO NIGERIA IS NOW YOUR PRIVATE SECURITY OUTFIT SEE ME SEE WAHALA O WHAT STOPS YOU FROM OUT SOURCING YOUR SECURITY TO A PRIVATE ORGANISATION YOU NO WAN SPEND MONEY BA YOU HAVE JOINED OUR POLITICIANS WHO USE THE COUNTRYS RESOURCES TO FUND THEIR PRIVATE BUSINESSES AND LIFE STYLES WHILE NIGERIANS AS A PEOPLE HAVE NO SECURITY AGAINST BANDITS AND KIDNAPPERS HAVE YOU HEARD OF EXXON OR CHEVRON TELLING THE US GOVT TO SEND ITS MARINES TO PROTECT THEIR FACILITIES? THIS ONLY HAPPENS IN A FAILED STATE WHERE THE GOVERNMENT HAS LOST ALL POWER AND CREDIBILITY AND THE DEEP POCKETS CONTROL THE GOVT.

MY OWN IS THAT FG SHOULD KILL KANU KILL IGBOHO TAKE OVER THE SS SW AND SE COMPLETLE AND PUT ITS PEOPLE IN CAGES MAYBE THEN THE SOUTH WILL WAKE UP FOOLISH BUNCH OF PEOPLE I USE TO THINK THE NORTHS WERE ILLITRATES BUT APPARENTLY ITS THE SOUTH THAT ARE THE DUMBEST GROUP IN NIGERIA. EHEN SO EL RUFIA HAS SAID HIS MIND WHAT CAN YOU SOUTHERNERS DO? ABEG YOU GUYS SHOULD GO AND SIT DOWN JARE ALL YOU KNOW HOW TO DO IS RANT ONLINE AND FIGHT SOCIAL MEDIA BATTLES WHILE THE NORTH TAKE WHAT THEY WANT BY FORCE

MY OWN IS THAT FG SHOULD KILL KANU KILL IGBOHO TAKE OVER THE SS SW AND SE COMPLETLE AND PUT ITS PEOPLE IN CAGES MAYBE THEN THE SOUTH WILL WAKE UP FOOLISH BUNCH OF PEOPLE I USE TO THINK THE NORTHS WERE ILLITRATES BUT APPARENTLY ITS THE SOUTH THAT ARE THE DUMBEST GROUP IN NIGERIA

IT WONT HOLD JARE

SO HE SHOULD BE TREATED DIFFRENTLY CAUSE HE WEARS FENDI BANDITS WEY NIG GOVT THEY GIVE ALLOWANCE IN THE MULTI MILLIONS TO FREE KIDNAPPED PEOPLE NKO WETIN BE THAT?

thebosstrevor1:
Bandits are in Nigeria, Nnamdi kanu was in London, traveling all over the world, being treated with the finest wine, delicious meals and women while living in 5 star hotels and traveling on private jets on behalf of ipob, he was being treated well, why does he need Nigerian style of treatment.

Bandit dey wear dirty kaftan with ak47, Nnamdi kanu dey wear fendi

Make una judge for una self

LOL OGA WE SHALL SEE IF YOUR RALLY WOULD HOLD

Nkitara:
Come out in numbers let's use you for shooting practice

SEE YORUBA O IGBO O NA UNA SABI AS FAR AS I KNOW YOU GUYS ARE OUTSIDERS TOT THE ENTITY NIGERIA YOU ARE ONLY A DOT IN THE CIRCLE THE NORTH OWNS YOUR ASS AND YOU ARE NOTHING BUT INFIDELS AND SLAVES IN YOUR OWN LAND SHEBI UNA NO ONE GET SENSE NO WAHALA 2023 NA ANOTHER NOTHERNER GO BE PRESIDENT MARK MY WORDS THE PROBLEM WITH THE YORUBAS IS THAT THEY THINK TINUBU IS GOING TO BE PRESIDENT AND THEREFORE WOULD BE SAFE FROM THE NOTHERN THREAT BUT ALAS YOU ARE COMPLETLY WRONG BUT DONT TAKE WHAT I SAY LETS WAIT TILL 2023 WHEN THE NORTH WOULD OUT SMART YOU

SS PPL SHEY YOU ARE ONE NIGERIA GO AND TELL YOU OGA BUBU TO COME AND FIX YOUR ROAD NOW ABI?

THEY HAVE SUCCEDED IN ENSURING THE ENTITY NIGERIA CONTINUES TO SURVIVE ALL HAIL NIG FG AND THE ELITES FOR MAKING THIS A REALITY IT MEANS THEY CAN CONTINUE TO ENJOY NIGERIAS WEALTH WITHOUT BEING QUESTIONED BY THE PEOPLE AS FOR THE MASSES JUST TAKE HEART EHEN NO BE NAIJA THE ONLY ROLE YOU PLAY HERE IS SUFFERING AND SMILING SO PLAY IT WELL.

THE PETROLEUM INDUSTRY BILL: A SUMMARY

Introduction

It is no longer news that crude oil dominates Nigeria’s economy, accounting for about 90% of the country’s foreign exchange earnings. For some years now, successive governments have attempted to pass an all-encompassing Petroleum Industry Bill (PIB or the Bill) to no avail. Now, the present administration has sent a new PIB to the National Assembly. The bill passed its first reading in the Senate on October 1, 2020. The Bill seeks to provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities and related matter.

The Bill which vests the property and ownership of petroleum within Nigeria and its territorial waters, continental shelf and Exclusive Economic Zone in the Government of the Federation of Nigeria is divided into five chapters. They are:

Chapter one: Governance and Institutions

Chapter two: Administration

Chapter three: Host Communities Development

Chapter four: Petroleum Industry Fiscal Framework

Chapter five: Miscellaneous Provisions

Objectives

The key objectives of the PIB are as follows:

To create efficient and effective governing institutions, with clear and separate roles for the petroleum industry;
To establish a framework for the creation of a commercially oriented and profit-driven national petroleum company;
To promote transparency, good governance and accountability in the administration of the petroleum resources of Nigeria; and
To foster a business environment conducive for petroleum operations.
The following are the notable provisions of the Bill:

Establishment of the Nigerian Upstream Petroleum Regulatory Commission; according to Section 4 of the Bill, this commission is to regulate upstream petroleum operations including technical, operational and commercial activities and also to ensure compliance with all applicable laws and Regulations governing upstream petroleum operations. It shall be a body corporate with perpetual succession and a common seal.
[b]Establishment of the Nigerian Midstream and Downstream Petroleum Regulatory Authority; [/b]the objectives of the Authority is to regulate midstream and downstream petroleum operations, including technical, operational, and commercial activities and also ensure efficient, safe, effective and sustainable infrastructural development of midstream and downstream petroleum operations (section 31). The objects and functions of the Authority are limited to midstream and downstream petroleum operations in the petroleum industry.
Incorporation of the Nigerian National Petroleum Company Limited (Section 53); the Minister shall within 6 months from the commencement of this Act, cause to be incorporated under the Companies and Allied Matters Act, a limited liability company, which shall be called Nigerian National Petroleum Company Limited (NNPC Limited). Ownership of all shares in NNPC Limited shall be vested in the Government at incorporation and held by the Ministry of Finance Incorporated on behalf of the Government.
The Minister of Petroleum and the Minister of Finance shall determine the assets, interests and liabilities of NNPC to be transferred to NNPC Limited or its subsidiaries. NNPC shall cease to exist after its remaining assets, interests and liabilities other than its assets, interests and liabilities transferred to NNPC Limited or its subsidiaries under section 54(1) shall have been extinguished or transferred to the Government.

Domestic Gas Obligations; as part of its obligations, the Nigerian Upstream Regulatory Commission shall prescribe and allocate the domestic gas delivery obligation on a lessee. As proposed, a lessee who fails to comply with the domestic gas delivery obligation shall incur a penalty of US$ 3.50 per MMBtu not delivered, provided that, where the lessee has signed a gas purchase and sale agreement with a wholesale supplier of the strategic sectors, the penalty for failure to deliver shall be as stated in that agreement. The penalty amount may be adjusted as the Commission may prescribe in a regulation made under this Act.
However, the Commission shall discontinue the imposition of domestic gas delivery obligations, where the Authority has determined that the natural gas market has attained full market status.

Prohibition of Gas Flaring (section 104); in a bid to fulfill its obligations under the United Nations Framework Convention on Climate Change (UNFCCC) and similar Conventions, the Bill demands strict adherence to a gas flaring plan. A licensee or lessee producing natural gas is expected to, within 12 months of the effective date, submit a natural gas flare elimination and monetisation plan to the Commission, which shall be prepared in accordance with regulations made by the Commission under this Act. A Licensee or Lessee who fails to adhere to the provision shall pay a penalty prescribed pursuant to the Flare Gas (Prevention of Waste and Pollution) Regulations.
The Commission may however, grant a permit to a Licensee or Lessee to allow the flaring or venting of natural gas for a specific period where it is required for facility start-up or for strategic operational reasons, including testing.

Granting of Licenses and Leases (Section 70); The Bill provided for the following Licenses and Leases;
Petroleum Exploration Licence to be granted to qualified applicants, to explore petroleum on a speculative and non-exclusive basis.
Petroleum Prospecting Licence to be granted to qualified applicants to carry out petroleum exploration operations on an exclusive basis. A Petroleum Prospecting License for onshore and shallow water acreages, shall be for duration of not more than 6 years, comprising of an initial exploration period of 3 years, and an optional extension period of 3 years. A petroleum prospecting license for deep offshore and frontier acreages, shall be for duration of not more than 10 years, comprising of an initial exploration period of 5 years, and an optional extension period of 5 years.
Petroleum Mining Lease to be granted to qualified applicants to search for, win, work, carry away and dispose of crude oil, condensates and natural gas for a maximum period of twenty years.
A licence or lease may be granted under this Act only to a company incorporated and validly existing in Nigeria under the Companies and Allied Matters Act.

Petroleum Industry Fiscal Framework; one of the objectives of this provision is to establish a progressive fiscal framework that encourages investment in the Nigerian petroleum industry, balancing rewards with risk and enhancing revenues to the Federal Government of Nigeria. The Federal Inland Revenue Service has been saddled with the responsibility of administering and collecting Government revenue in the petroleum industry.
The Bill proposes to replace the existing petroleum profits tax with Hydrocarbon Tax, at the rate of 50 per cent for petroleum operations onshore, and in shallow water fields; and 25 per cent for petroleum operations in deep-water, bituminous and frontier acreages. Hydrocarbon tax shall apply to crude oil, condensates and natural gas liquids produced from associated gas.

In addition to the Hydrocarbon Tax, the Bill also proposes Companies Income Tax at the rate of 30% on upstream petroleum operations.

Any Company or tax payer, who does not agree with an assessment made pursuant to section 285(6) of the Act, may appeal against the assessment to the Tax Appeal Tribunal established under the provisions of section 59 of the Federal Inland Revenue Service (Establishment) Act.

According to Section 260(1), hydrocarbon tax will apply to companies engaged in upstream petroleum operations in the onshore, shallow water and deep offshore. It does not however apply to

associated and non-associated natural gas; and
condensates and natural gas liquids produced from non-associated gas in fields or gas processing plants, provided the related volumes are determined at the measurement points or at the exit of the gas processing plant, regardless of whether the condensates or natural gas liquids are subsequently comingled with crude oil.
Thus, the tax applies to crude oil, condensates and natural gas liquids produced from associated gas.

Host Communities Development; the objectives of this provision include to foster sustainable prosperity within host communities and to provide direct social and economic benefits from petroleum operations to host communities. It also seeks to enhance peaceful and harmonious co-existence between licensees or lessees and host communities.
In a bid to achieve these objectives, the Bill mandated that Settlors (a holder of an interest in a petroleum prospecting licence or petroleum mining lease or a holder of an interest in a licence for midstream petroleum operations, whose area of operations is located in or appurtenant to any community or communities) shall incorporate a trust for the benefit of the host communities for which the settlor is responsible (“host community development trust”). The constitution of each host community development trust shall provide that the applicable host community development trust fund be used exclusively for the implementation of the applicable host community development plan (Section 241).

The funds of the host communities development trust created pursuant to this Act shall be exempted from taxation.

BEFOR YOU START CELEBRATING YOU BETTER LOOK AT THE CONTENTS OF THE BILL FAVOUR THE MASSES OR ONLY MEANS MORE SUFFERING FOR THEM

AWW SHUT UP GOD IS NOT GONNA DO SHIT IS MOHAMMED FIGHTING FOR THE FULANIS OR TERRORIST NO THEY FIGHT FOR THEIR GOD NOT THE OTHER WAY ROUND SO IF YOU CANT PICK UP ARMS AND STAND FOR YOU GOD THEN OGA JUST CONVERT TO ISLAM IN PEACE ABEG

FarahAideed:
This is bad ...God please come and save Nigeria from these Islamic Terrorist Nigerians mistakenly voted in 2015

YORUBA OVER TO YOU WHAT ARE YOU GOING TO DO ABOUT IT THE ANSWER IS NOTHING JUST LIKE THE IGBOS WOULD DO NOTHING OVER NNAMDI KANUS ARREST...SEE LET JUST ACCEPT IT THE NOTHERNERS RULE US ABEG WE HAVE LOST CAUSE WE FAIL TO UNITE AGAINST THEM CAUSE OF OUR TRIBAL SENTIMENTS WHILE THE NORTH ARE UNITED IN THEIR ISLAMIC TAKEOVER MAY THE BEST ETHNIC GROUP WIN AND IN THIS CASE THE NOTH ARE CLEARLY IN CHARGE AND THERE IS NO GOD DAMN THING YOU CAN DO ABOUT IT

HAHAHA CAUSE NIGERIA IS
1. AN ISLAMIC /JIHADIST COUNTRY
2. HE WORKS FOR THE HAUSAS AND NOTHERNERS NOT FOR OTHER ETHNIC GROUPS IN NIGERIA
3. HE IS LOYAL AND FAIR ONLY TO THE NORTH
4. THIS ACT IS ONLY A PROOF THAT THE ENTIRE ARM OF GOVERNMENT ARE FOCUSED AND LOYAL TO ONE THING ONLY ISLAM AND THE WILL OF THE FULANI
5. THIS GOVERNMENT ACTUALLY SEES THE REST OF NIGERIA AS A DOT IGBO YORUBA INCLUSIVE SO THERE IS NO NEED TO PAY THEM ANY HEED

EYA SO SORRY TO HEAR TELL SUNDAY TO REPORT HIM SELF TO THE FULANI CALIPHATE FOR QUESTIONING ON HIS BAD BEHAVIOUR TO THE SUPREME OWNERS OF NIGERIA

YOU ARE RIGHT THERE IS NO LIFE AFTER DEATH NO HEAVEN AND NO GOD THE SCRIPTURES ARE JUST MADE UP STORIES TO PUT HUMANITY IN CHECK IF IT GOES OUT THAT NOTHING IN THE SCRIPTURE IS REAL THERE WOULD BE CHAOS AS LIFE WOULD NOT BE WORTH LIVING FOR WHAT KEEPS MOST OF HUMANITY SANE AND IN GOOD STANDING WITH THE LAW IF THE GOAL TO REACH HEAVEN OR BE IN GOOD STANDING WITH THE LORD AFTER DEATH WITHOUT THAT MAN WOULD BE VIOLENT AND A VERY HOSTILE COMPETITION WOULD BEGIN WITH EVERYONE FIGHTING TO HAVE EARTHS RICHES.

OF COURSE YOU WOULD CANCEL IT WO SEE ITS OVER NIGERIANS DESERVE TO BE IN CHAINS BY THEIR OPRESSORS JARE NO NEED TO SEEK NIGERIANS SUPPORT FOR A CHANGE OF GOVERNANCE I FEEL THEY ACTUALLY ENJOY THEIR CURRENT PREDICAMENT SOWORE IGBOHO KANU AND THE REST SHOULD STOP FIGHTING FOR BETTER GOVERNANCE AND JOIN THE CABAL TO EAT FAT AND LIVE MERRY LIVES OUTSIDE NIGERIA JARE IF YOU CANT BET THEM JOIN THEM

NIGERIA=STUPIDITY

O NOW YOU HAVE FOUND YOUR VOICE AFTER PEOPLES BUSINESSES HAVE LOST MILLIONS ALL OF YOU ARE THE SAME SELFISH USELESS AND SEL CENTERED LEADERS

HE SHOULD MAINTAIN HIS STANCE DUMP THE WOMAN AND FIND ANOTHER PATNER CAUSE THAT WOMAN WOULD ALWAYS BE BORED

A BACKWARDS PEOPLE THESE ARE THE PEOPLE BRINGING NIGERIA BACK

LOL WHY WONT I CONGRATULATE THEM THEY ARE DOING NOTHING WRONG VENT YOUR ANGER ON A GOVERNMENT NOT CREATING A FAVOURABLE ECONOMY FOR ANY COMPANY TO THRIVE ORDINARY ELECTRICITY THEY CANT GENERATE AND YOU WANT TO ATTRACT FDI

Niorte:
You congratulate them for not considering our youths.

Well done sir.

If every company leaves Nigeria, I believe you will create jobs for the teeming youths

OF COURSE YOU DONT AFTER SEEING WHAT THEY DID TO KANU JUST CRAWL BACK UNDER THE SHITHOLE ROCK YOU CAME FROM

ONE NIGERIA ONE NIGERIA THE ONLY THING THIS STUPID COUNTRY DOES IS DISGRACE THE INNOCENT IF WE WANT TO GET BACK OUR INTEGRITY IT HAS TO BE DISSOLVED

LOL WHERE ARE YOU FROM BROTHER?

Militant30:
Two bloody criminals were arrested from the same ethnic group.



Nnamdi Kanu and Chidimma

CONGRATS TOYOTA FOR MAKING A GOOD AND INFORMED BUSINESS DECISION NIGERIA NA CRUISE AND SHOULD NOT BE TAKEN SERIOUSLY

CONGRATS TO CHINA AND NIGERIA BROTHER IN ARMS ONLY THAT ONE IS BENEFITING FROM THIS UNION WHILE THE OTHER HAS SOLD IT BIRTH RIGHT FOR A PLATE OF FUFU

JUST TELL FG TO KUKU KILL HIM NO BE WETIN UNA WANT WHICH ONE IS MAXIMUM FORCE WE KNOW YOU GUYS LIKE TO SPILL BLOOD. ANYWAYS THE TRUTH IS NO ONE SHOULD EVER FIGHT FOR A BETTER NIGERIA OR GOVERNANCE THE COUNTRY IS NOT WORTH SAVING OR DYING FOR IF YOU ARE COMFORTABLE AND BENEFITING FOROM NAIJA JUST REMAIN AS YOU ARE AND TURN A BLIND EYE TO THE ATROCITIES AS LONG AS IT DOES NOT AFFECT YOU. IF YOU ARE POOR AND SUFFERING FROM THE FAILED SYSTEM AM SORRY BUT POVERTY IS HERE TO STAY YOU CAN FOLLOW THE USUAL TREND OF GOING TO CHURCH TO PARTICIPATE IN THE POVERTY ERADICATION LOTTERY BY FASTING . PRAYING AND BUYING ANOITING OIL TO SEE IF GOD WOULD INTERVENE AND CHANGE YOUR PLIGHT. IF THINGS DONT CHANGE JUST KNOW YOU ARE bleeped AND ACCEPT YOUR DESTINY

LOL FUNNY YOU SHOULD SAY THIS HOW ABOUT POLITICIANS WHO RECIEVE THE BEST MEDICAL CARE ABROAD WHILE THE NATIONS MEDICAL SECTOR IS IN TATTERS, HOW ABOUT CHILDREN OF YOUR POLITICIANS ALL ABROAD FUNDED WITH THE COUNTRIES RESOURCES WHILE YOU IN NIGERIA ARE NEGOTIATIONG SALARIES AND HAVING STRIKES ON A REGULAR. THUTH BE TOLD KANU AND THE EAST WERE ONLY PUSHED TO REVOLTING BY A GOVERNMENT WHICH HAS FAILED PEOPLE OF THE EAST WHO THEY SEE AS THE PROBLEM OF NIGERIA SO HENCE THE CALL FOR BREAK UP. BUT SAYING KANU WAS LIVING LAVISHLY WHILE HIS SUPPORTERS WERE SUFFERING IS A FAR CRY FROM WHAT YOUR SO CALLED NIGERIAN POLITICIANS DO BUT LIKE THE TYPICAL NIGERIAN YOU HAVE NO MIND TO CHALLENGE LEADERS OVER BAD GOVERNANCE ITS REASON FOR THE DIRE STATE OF NIGERIA FOR GOD SAKE USD IS 500/1N POUNDS 700/1N EURO 590/1N AND YOUR HERE SAYING KANU IS WEARING FENDI YOU NIGERIAN LEADERS HAVE LOOTED SO MUCH THEY HAVE CRUMBLED YOUR ECONOMY GIANT OF AFRICA MY FOOT

Commentor:
Fendi-loving freedom fighter.

Whilst his minions are still wearing Abibas.

AND GO TO WHERE MUMU GOVT YOU THINK THESE PEOPLE ARE STEALING MONEY LIKE YOU AND HAVE THE PRIVILEDGE TO MOVE ANYWHERE THEY WANT WITH THEIR PRIVATE JET STUPID GOVERNMENT. WHAT PURPOSE DO YOU EVEN SERVE? SINCE YOU KNOW THE PRONE AREAS WERNT MEASURES MEANT TO BE IN PLACE TO PREVENT FLOODING I DONT GET WHY NIGERIANS STILL TAKE RUBBISH FROM THEIR FAILED GOVT

BY THE TIME THE WEST IS DONE WITH US SORRY WOULD BE OUR NAME AS WE WOULD FOREVER BE INDEBTED TO THEM