Stakeholders Call For Passage Of PIB Into Law, Lament Losses | Independent Newspapers Limited
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Stakeholders Call For Passage Of PIB Into Law, Lament Losses

Posted: Jun 30, 2016 at 1:25 am   /   by   /   comments (0)

Innocent Oweh


President Muhammadu Buhari has been urged to muster the political will and intervene by ensuring that the Petroleum Industry Bill (PIB) gets passed in record time.

Stakeholders in oil and gas sector, who made this call, estimated that about $80 billion, which should have accrued to Nigeria through foreign direct investment, had been lost due to non-passage of PIB.

The concerned group also pointed out that due to continued delays in the passage of the bill, an average of $10 billion would have accrued to Nigeria as fresh investments in the oil and gas sector.

A coalition of civil society groups, comprising Civil Society Legislative Advocacy Centre (CISLAC) and the Strengthening Advocacy and Civic Engagement (SACE) among others, made the call on Tuesday in Abuja at a stakeholder’s consultative dialogue on the PIB.

Executive Director of the African Centre for Leadership, Strategy and Development (Centre LSD), Dr. Otive Igbuzor, said that there were prevailing opportunities to ensure the passage of the PIB and that the present administration’s change mantra be extended to the oil and gas sector of the country.

Igbuzor said: “The knowledge of what Nigerian is losing is becoming more widespread. According to Bank Anthony Okoroafor, the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Nigeria has lost $10bn (N1.7 trn) in fresh investment to the non-passage of the PIB.
The Chairman Trade Union Congress (TUC) Rivers State, Mr. Chuka Onuegbu, had earlier said that Nigeria lost $80billion in foreign direct investment from the delay in the passage of the PIB.

Igbuzor added: “The political leadership will lose any form of credibility left if the PIB is not passed before the end of the 8th Assembly”

Executive Director of CISLAC, Mr. Auwal Ibrahim Rafsanjani, represented by a member of the National Stakeholders Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiative (NEITI), Kolawole Banwo, said that the PIB was necessary for effective governance of the oil and gas sector in Nigeria.

He lamented that efforts by two successive sessions of the National Assembly to pass it into law were unsuccessful due to several factors, some related to the processes and others to its content.

Rafsanjani stated: “The need for the law is emphasized by the fact that there are fresh efforts by both the executive and legislature to commence the process of having it enacted.

“It has therefore become necessary for stakeholders to examine these new efforts in the light of previous experiences and make useful recommendations on how to ensure successful passage,” he added.