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Nigeria’s Oil Bill Awaits Cabinet Approval, President Says

Nigeria’s Petroleum Industry Bill will be sent to lawmakers after approval by the cabinet, President Goodluck Jonathan’s office said.

Jonathan has told relevant government ministries to evaluate the draft, prepared by a technical committee before presentation to the Cabinet, according to a statement e-mailed late yesterday by the Abuja-based presidency.

The bill, which may be presented to parliament in two weeks, resolves all previous concerns raised by international producers, including fiscal terms and domestic gas pricing, the Lagos-based ThisDay newspaper reported yesterday.

The bill was first sent to parliament in December 2008.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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