In tandem with “revival” efforts to enact the Petroleum Industry Bill (PIB), the PIB Task Force’s deliverable will foreshadow an Executive Bill to be (re)submitted to the National Assembly. Given the divergence in previous versions, tax fiscal provisions of the new PIB will be of particular interest. The recent trial and appellate decisions in NDDC v NLNG (2009) 1 TLRN 25; (2011) 4TLRN 1 comes to mind, against PIB's expressed intent to overhaul petroleum fiscal landscape, vis a vis potential implications on subsisting industry contracts.
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