Nigeria’s PIGB Passes Assembly

Monday, April 2, 2018

Nigeria’s National Assembly has passed the Petroleum Industry Governance Bill (PIGB), part of the greater and long-awaited Petroleum Industry Bill (PIB).

The PIGB seeks to modernize the West African nation’s petroleum industry and includes several key points:

• A five percent equalization tax on fuel sales which will be slated for the Petroleum Equalization fund;
• The unbundling of the Nigerian National Petroleum Corp.;
• Promote transparency in the industry; and
• Stimulate new investment.

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