It has been reported that the Central Bank of Nigeria (“CBN”), through its spokesperson, Ugochukwu Okoroafor, has called on the National Assembly to fast-track the passage of the Petroleum Industry Bill.
The CBN’s appeal comes in light of recent allegations that the Nigerian National Petroleum Corporation failed to remit close to US$50 billion dollars in crude oil export revenue. The CBN anticipates that the Bill will put a stop to revenue leakages by reviewing the fiscal terms in sharing of oil revenues between Nigeria and its foreign oil partners, as well as improving governance and transparency in the oil sector.