Insight
Nigeria’s president signs the Petroleum Industry Bill into law
Report summary
On 16 August 2021, President Buhari signed the Petroleum Industry Bill, following its passage through the National Assembly one month ago. Reforming Nigeria’s petroleum sector has been a priority of successive administrations since the bill was first introduced in 2008. After dozens of versions and 13 years, this is a landmark moment and a relief for many in Nigeria who hope that the industry can finally move forward. The new Petroleum Industry Act (PIA) provides a legal, governance, regulatory and fiscal framework for the petroleum industry, the development of host communities and related matters. It is extensive in scope, covering the upstream, midstream and downstream sectors. Following presidential assent, the clock is now ticking on the reform milestones outlined in the Act. This insight discusses the deadlines and some of the key changes made to the legislation since our October 2020 Insight.
Table of contents
-
NNPC Limited
- Dealing with debt
- Conversion to new fiscal terms is voluntary
- Fiscal Terms
- Host Communities
- Conclusion
Tables and charts
This report includes 3 images and tables including:
- PIA royalty rates
- PIA tax rates
- Reported NNPC JV funding shortfalls
What's included
This report contains:
Other reports you may be interested in
Insight
Nigeria's Petroleum Industry Bill scales new heights of fiscal complexity
We provide a summary of the latest version which has landed at the National Assembly.
$1,350
Insight
Nigeria's Petroleum Industry Fiscal Bill: first impressions
In May 2018, Nigeria's Petroleum Industry Fiscal Bill (PIFB) was published. The bill has significant changes compared to previous proposals.
$1,350
Insight
Nigeria Briefing 2024: How will Major divestments reshape the petroleum industry?
Download presentations from our Nigeria Energy Briefing 2024.
$1,350
