PENGASSAN: Frequent Alterations to PIA May Erode Investors’ Confidence

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Onyebuchi Ezigbo in Abuja and Peter Uzoho in Lagos

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday cautioned against subjecting the Petroleum Industry Act (PIA) to frequent alterations, saying that such measures may have negative impact on efforts to attract fresh investments into the country’s oil and gas industry.

It cited the removal of some fiscal provisions and moving them to the Nigeria Revenue Act, describing the development as appalling and capable of eroding investors’ confidence in the sector.