In its bid to restructure the oil and gas sector, the federal government plans to split the Petroleum Industry Bill (PIB) stuck in the National Assembly for eight years and resubmit it by the first quarter of 2016, as its delay deters investment in the country, Vice-President Yemi Osinbajo has said.
The vice-president was reiterating a similar statement by the Group Managing Director of the state-run Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, who during his Senate screening last week advocated the unbundling of the bill, adding that the non-passage of the legislation had cost the country $15 billion annually.
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