20-year reform of Nigerian oil & gas governance — incorporates NNPCL, restructures fiscal terms, creates host community trusts.
The PIA was 20 years in gestation and finally passed in 2021. It restructured the entire oil & gas governance regime: NNPC was incorporated as Nigerian National Petroleum Company Limited (NNPCL) under CAMA; the fiscal regime was restructured with new royalty and hydrocarbon tax provisions; the regulator was split into the Nigerian Upstream Petroleum Regulatory Commission and the Midstream and Downstream Petroleum Regulatory Authority; and host communities became entitled to a 3% trust fund of operating expenditure.