₦airaland Forum

What is Distinguished and honourable about the south west Senators where they not there when the bills was going through the readings they never raised any objection or brought the notice to their constituents all they care about is their sitting allowance they dont see themselves as the mouth and ears of the people if the SW governors dint talk they would actually have allowed the bill to pass they should all be recalled and do not serve the interest of their people from being in that house

NOPE THE ONLY THING YOU WOULD SUCCED IN DESTROYING IS NIGERIA

NOTHING WOULD COMEOUT OF THIS AS USUAL THIS IS THE TACTICS LEADERS USE TO GET FGS ATTENTION AND MAKE THEM GIVE THEM SOME FOREIGN CURRENCY IN EXCHANGE FOR STABILITY AND ONE NIGERIA. THE TRUTH IS THERE IS NO SINGLE NIGERIAN LEADER THAT CARES ABOUT ITS PEOPLE ALL THEY CARE ABOUT IS THEIR POCKET AND INDIVIDUAL WELL BEING YOUR SO CALLED EXIT IS JUST TO GET FGS ATTENTION ALLITLE EXCHANGE OF FOREGIN CURRENCY WOULD SEND YOU BOYS TO THE CREEK TO EAT YOUR BOLI AND OGOGORO

you are drukards jare with your ogogoro roasted fish and plantain lol

bolanto24:
Please don't call my people drunkards.

And who are the people in ND who would lead your quest for a republic is it asari is it tompolo or clark all have benefited form the contraption called Nigeria its how they made the money they have like they say you cant bite the hands that feed you so oga sorry to say but bubu and the north owns your asses at least till 2023 thats if they dont rig it and allow another northerner take charge all you have are militants and tompolo and asari have silenced them with funds from the fg there is nothing you can do

Captain8:
we rejected the bill and thats final...

buhari will never go against our order to sign it or else he what will happen...

if dear sign it...we will declared our republic straight...

ERR COS MOST OF THEM ARE ILLITRATES AND HAVE NOTHING TO OFFER AS IMMIGRATING TO THE WEST REQUIRES EDUCATION AND SKILL SOMETHING THE NORTH FROWNS ABOUT ONLY THE ELITES HAVE THAT PRIVILEDGE AS SUCH YOU SEE MOST IMMIGRANTS COMING FROM THE WEST CAUSE THEIR INTELLECT AND SKILLS ARE A GOLD MINE TO THE WEST

Emperormartin:
Why is it that northerners don't move abroad?

LOL IS HE NOT GODS SERVANT AM SURE HE WOULD BE HEALED AND DOES NOT NEED OUR PRAYERS WE HAVE MORE IMPORTANT THINGS TO DEAL WITH OVER HERE

LOL WHAT BILL ARE YOU REJECTING BILL THATS BEEN PASSES OGA KEEP QUIET JARE AFTER ALL THESE YEARS WHAT HAS THE NIGER DELTA DONE WITH THEIR OIL TO DEVELOP THEIR REGION NOTHING SO RATHER THAN GIVING YOU PPL MONEY YOU WOULD ONLY USE TO DRING OGOGORO AND ROATED FISH WITH BOLI THE NORTH HAS DECIDED TO HELP YOU PUT IT IN GOOD USE AND THERE IS NOTHING I REPEAT NOTHING YOU CAN DO ABOUT IT AS ASARI TOMPOLO AND CO ARE PART OF THE DEAL YOUR SO CALLED MILITANT LEADERS HAVE BEEN SILENCED

LOL WHAT BILL ARE YOU REJECTING BILL THATS BEEN PASSES OGA KEEP QUIET JARE AFTER ALL THESE YEARS WHAT HAS THE NIGER DELTA DONE WITH THEIR OIL TO DEVELOP THEIR REGION NOTHING SO RATHER THAN GIVING YOU PPL MONEY YOU WOULD ONLY USE TO DRING OGOGORO AND ROATED FISH WITH BOLI THE NORTH HAS DECIDED TO HELP YOU PUT IT IN GOOD USE AND THERE IS NOTHING I REPEAT NOTHING YOU CAN DO ABOUT IT AS ASARI TOMPOLO AND CO ARE PART OF THE DEAL YOUR SO CALLED MILITANT LEADERS HAVE BEEN SILENCED

Captain8:
there is nothing about good morning here... we reject that bill and it wont stand.... we have nothing to regret about rejectin that useless biafra...

IF YOU ARE WISE THEY ARE NOT GOING TO USE THE 30% TO LOOKM FOR ANY YEYE OIL THEY ONLY PUT THAT THERE TO HIDE THE REAL INTENTION FOR THE FUNDS WHICH IS JUST TO FUND THE IGR OF THE NORTH IN OTHER WORDS THEY ARE ROBBING THE SS IN BROAD DAYLIGHT WHY DONT THEY ALSO SHARE 30% PROFIT OF THEIR GOLD TO HELP THE SOUTH MINE FOR GOLD IN THEIR OWN LOCALITY ABI SOUTHERNERS YOU BE MUMU

RuudVanNisteroy:
He is speaking fact when he stated that a "huge 30% of profits for further frontier oil exploration in the north". This is a legal robbery of the Niger Delta oil profits, especially when all the exploration will be handled by Northern contractors in finding non-existent oil.

That 30% profits should be used to diversify the economy. This is what happens when you put in charge people with the lowest I.Q.

BY NATURAL YOU MEAN TO SLEEP AND EAT WITH COWS RIGHT?

KillMNKnow:
Keeping Nigeria together is very expensive. Oil is a curse to Nigeria, brings nothing but misery. Without Buhari Nigeria would have collapse in 2015 and 2020 due to crash oil prices. I wish oil was never discovered in Nigeria. We don't want the curse of Oil in Northern Nigeria.. we are conservative and we prefer to live natural

who are you guys deceiving

BUT NIGERIA YOUR LEADERS ARE EVEIL O THEY SINGLE HANDEDLY CREATED UNKNOWN GUN MEN, FRAMED SUNDAY WITH GUNS, SHOT END SARS PROTESTERS BURIED THE BODIES AND DENIED EVER BEING THERE, STABBED A GIRL AND PINED IT ON PROTESTES JUST TO CALL A DOG A BAD NAME SEE YOUR SO CALLED LEADERS WOULD NOT HESITATE TO WIPEALL NIGERIAN CITIZENS TO PRESERVE THEIR POWER WAHALI NA EVIL SPIRIT DEY RULE UNA YOU JUST DONT KNOW IT YET CHAI

UNTIL THAT OIL STOPS FLOWING YOU MALLAMS WOULD STILL SHOUT ONE NIGERIA WHEN THE OIL STOPS AND THE COUNTRY BEGINS TO ROT THESE NOTHERNERS WOULD BE THE FIRST TO LEAVE SOUTHERNERS STOP THE OIL FROM FLOWING THATS WHEN THEY WOULD LISTEN TO YOUR DEMANDS

NIGERIANS I FEEL SORRY FOR YOU YOU ARE ON YOUR OWN O YOUR LEADERS NO SEND YOU ALL THERE ARE THERE FOR IS TO CHOP AND AFTER 8 YEARS HAND IT TO THEIR SUCCESSOR WHO WOULD COVER THEIR TRACKS

NOTHING WOULD HAPPEN WHICH YEYE RALLY

WHICH GOD ARE YOU TALKING ABOUT IS IT THE ONE THAT ALLOWED ISREAL TO FIRE ROCKETS IN PALESTINE OR WHAT? NO BEONLY PEACE KEEP DECIVING YOURSELF

Asiwaju05:
We ask God for peace

WHICH STUPID ZONING YAYA BELLO IS YOUR PRESIDENT THERS NOTHING TO NEGOTIATE ON AFTER RALL THE YOOTS LIKE INHENACHO YOBO AND MIKEL HAVE HIS BACK WO SEE NAIJA MATTER DONT TIRE PERSON DONT WORRY SHEY YOU PEOPLE DONT WANT TO GET SENSE WE SHALL SEE WHAT THE FUTURE HOLDS FOR THIS NATION

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