More facts may have emerged on the PIB Bill and why Nigerians should be wary of the traps built in to turn the country into a monopoly.
Recall that a few days ago the Abuja rumour mill was awash with the story that as much as $70,000 was allegedly given to each senator to facilitate the passing of the Bill in the Upper House.
In the current form, the Senate version of the Petroleum Industry Bill will only permit two entities to import petroleum products into Nigeria: those who own active refining licenses and the Nigeria National Petroleum Corporation Limited.
However, the law makes it impossible for even modular refiners like Walter Smith to import the product, as a clause in the concerned section provides that licenses be given based on the refining record of the permit holder.
By the time the bill becomes law, the Dangote refinery, which has a 650,000-barrel per day refining cap.