PIB finally passed after 14-year delay
The senate finally passed the PIB after what seemed like eternity. The proposal had been on a see-saw for approximately 14-years since the days of Minister Rilwanu Lukman. The new bill is expected to be signed into law by the president swiftly. This bill is not without its controversies but as they say, an imperfect bill is better than no bill at all.
How does this affect you?
The bill provides a number of fiscal incentives for upstream companies, many of which are likely to invest in new oil and gas fields. It also compels oil companies to pay 3% of their turnover to the host communities. The legislation legalizes the full deregulation of the downstream sector, thus making the payment of subsidies illegal.
Oil prices rise & fall as OPEC dithers – PMS could inch up to N283/litre in Q3
Oil prices rose to record levels again this week with Brent touching $76pb despite OPEC squabbles on the level of oil production increases. But at $76pb, you are likely to face a sharp increase in the price of petrol this quarter. NNPC has already hinted that the price could rise to N283/litre after the current price standstill agreement with the unions is lifted. This will have a cost-push effect on your business and selling price of your goods.
This edition of the Unity Bank Digest, as usual, provides you with an intriguing lifestyle piece, recent economic news and interesting social stories.
Enjoy your read!