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Nigeria’s Oil Bill Awaits Cabinet Approval, President Says

July 2 (Bloomberg) -- 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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