In a letter, addressed to Senate President Bukola Saraki and read at plenary on Wednesday, Buhari said his decision was pursuant to Section 58 (4) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
He said the bill undermines the powers of the Minister of Petroleum Resources and the functions of the ministry which Buhari himself heads.
Buhari also rejected the imposition of 0.5 per cent of Operation Funds on oil companies, explaining that this will create an additional tax burden on oil firms operating in the country.
The contentious areas in the bill to include Section 3, 6 (1a), 7 (a) and (b), 8, 9 and 11.
“Section 8 of the bill imposes a new charge and the industry of 0.5 percent of Operation Funds of oil companies for the enforcement of the environmental legislation in the petroleum sector.
“This imposition is an additional burden on the industry, particularly given that it is unclear what operation funds mean for the purpose of applying the provisions of the bill,” It added
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