Nigeria: Senate to Consider Oil Overhaul Bill on Thursday
Nigeria’s senate will present a long-awaited oil overhaul bill to the full chamber for approval on Tuesday.
The bill was brought to the National Assembly by the president in September of last year, and its presentation to the full chamber suggests the senate is ready to pass it, though a date for passage was not immediately available.
The bill intends to modernize Nigeria’s petroleum industry and attract investment monies from a diminishing pool of global fossil fuel funds. Observers had hoped the political alignment of the presidency and the National Assembly would break a cycle of failure that has stalked overhaul efforts for 20 years.
The House, on the other hand, has not altered its timeframe for debating the bill, and as reports revealed that the chamber could be a bigger obstacle to quick passage.
Bunnaj Africa learnt that there are demands for big changes to the bill, including from community leaders seeking an increased share of revenue, could push its passage into late this year.