The presidency Wednesday in Abuja cited constitutional and legal issues as the reasons President Muhammadu Buhari withheld his assent to the Petroleum Industry Governance Bill (PIGB).
Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang, in a statement, gave three reasons for the decision.
According to him, the National Assembly empowered the Petroleum Regulatory Commission, one of the bodies created by the bill to unduly retain 10 per cent of the funds it generates to the detriment of the three tiers of government and the Federal Capital Territory (FCT).
He also said the president vetoed the bill because it expands the scope of the Petroleum Equalisation Fund (PEF) in a manner that is antithetical to the policy of his administration and consequently stipulating provisions that are in conflict with independent PEF.
Enang also disclosed that the president opted to return the bill to the National Assembly because it consists of some legislative drafting concerns which he said had the capacity to create ambiguity and conflicting interpretation.