New PIB bill: Nigeria loses $3bn a year

Daily Trust

15 August 2011

New PIB bill: Nigeria loses $3bn a year

Members of the sixth National Assembly have cut down government revenues by about $3 billion (about N450bn) a year in the proposed Petroleum Industry Law, the Nigeria Extractive Industry Transparency Initiative (NEITI) declared at the weekend.  NEITI said in a statement that both chambers of the National Assembly have made the proposed revenue cuts in their various reports submitted at the sixth Assembly.

NEITI is an agency set up to, among other things develop a framework for transparency and accountability in the Nigerian extractive industries, and to ensure conformity with the principles of EITI. The Agency said it is either that the Assembly members were misled or they were not properly briefed before reaching conclusions on the reports.