The Nation Newspaper

Tag: PIB

  • ‘Non-passage of PIB delaying investments in oil, gas sector’

    There has not been any major investment in the oil and gas sector in the last four years, due to the non-passage of the Petroleum Industry Bill (PIB) by the National Assembly, the Managing Director and Chief Executive Officer, Frontier Oil Limited, Dada Thomas, has said.

    He said Nigerians should hold the lawmakers responsible for the non-passage of the PIB.

    Thomas said: “I don’t believe that the bill would be passed into law before this National Assembly goes. I think the PIB will have to be addressed by the incoming National Assembly.’’

    He said as long as there is uncertainty surrounding the bill’s passage, the exploration and production firms might not want to invest.

    “The damage is that there has not been any exploration in Nigeria to find new oil or gas reserves. We need to make sure that the cloud of uncertainty, which is the lack of passage of the PIB is removed so that people know, the rule of the game. With the uncertainty removed, the regulators will be able to know what their roles and responsibilities are, and every stakeholder, including the communities, will know the rules of the game in the operation of the industry,” he said.

    Thomas urged political leaders   to put politics aside and think of the economic well-being of the people and the nation. He said: “They should put politics aside and do what is good for Nigerians and investors so that we have a bill that would address all the concerns and needs of the various stakeholders including the investors. We need to show commitment to the growth of the industry.”

    Also, the Managing Director, Treasure Energy Resources Limited, Rivers State owned Oil and Gas Company, Eddie Wikina, in a telephone interview, agreed that the government is prolonging investments in the country due to the non-passage of the bill.

    He also listed corruption and insecurity as other major factors affecting investments in the sector.

    According to him, if the bill is passed into law, it will help to check corruption in the Nigerian National Petroleum Corporation (NNPC). He said that the government has  misapplied the funds appropriated to the corporation by put them in wrong priority areas.

    Since the NNPC is not autonomous of the Federal Government, it acts on instructions.

    Wikina claimed the government was aware of this and continued to play down the passage of the bill.

    “Such a bill as the PIB has been shrouded in so much secrecy that certain unscrupulous elements begin to profit from the quagmire. Such a bill should be openly debated in the Senate and passed immediately in the interest of the nation,” he stated, urging the lawmakers to pass the bill before they go in May.

  • Court throws out suit seeking to compel PIB passage

    The Federal High Court in Lagos on Wednesday struck out an ex parte application seeking an order of mandamus compelling the National Assembly to pass the Petroleum Industry Bill (PIB) that has been pending for years.

    Justice Ibrahim Buba said the application by a lawyer and right activist, Mr. Okiogbero Edhebru, lacks merit because the lawmakers cannot be compelled by court to pass any law.

    The applicant had asked the court for an order of mandamus compelling the National Assembly, their agents and privies to pass the PIB without further delay.

    He sought a declaration that lawmakers’ failure or refusal to pass the PIB had denied him and other Nigerians access to investment opportunities in the petroleum industry, a situation he said has led to unemployment and slow economic growth.

    Besides, he said failure to pass the PIB violated the rights of many Nigerian citizens, which the court was duty-bound to protect.

    He said unless the National Assembly was forced to act, the PIB would never become law despite its importance to Nigeria’s development.

    “On the other hand, the applicant and the entire Nigerian economy will benefit in terms of more investment resulting in employment for Nigerians but if not passed, resulting in suffering and continued injustice against the applicant and other Nigerians,” the applicant said.

    Justice Buba said the application should have been filed in Abuja, adding that he would be going too far in the exercise of his power should he grant it.

     

  • IPMAN tasks NASS on passage of PIB

    Mr Samuel Idowu, Chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mosinmi Depot, at the weekend, urged the National Assembly to accelerate the passage of the Petroleum Industry Bill (PIB).

    Idowu made the appeal in an interview with the News Agency of Nigeria (NAN) at Mosinmi in Ogun.

    He said the appeal became necessary following the benefits of the PIB to Nigerians, workers in the petroleum sector and also the synergy between the bill the nation’s ongoing economic reforms.

    “I am appealing to whosoever is concerned about the passage of the bill to use this opportunity to assure Nigerians and make it open on the progress that is being made regarding the Petroleum Industry Bill.

    “The National Assembly and other concerned authorities should be committed to passing the Petroleum Industry Bill because IPMAN believes that it is going to bring major reforms in the industry.

    “We are hoping that very shortly the committee saddled with the deliberation on the bill will bring forth the report of the bill and give it an accelerated hearing.

    “This will make Nigerians and those who are in the industry to begin to have the benefits of the reforms intended by this bill,” he said.

    Idowu also urged IPMAN members to ensure steady supply of petroleum products to Nigerians in their various stations, stressing that the national economy depended on the downstream sector for sustainable growth.

    The chairman said that his members at Mosinmi depot had restated their commitment in ensuring stable services in the petroleum sector.

    He urged members to develop a sustainable model that would ensure uninterrupted national fuel supply chain.

    IPMAN boss also challenged government to develop national rail for petroleum products haulage blueprint, against the backdrop of successes recorded in the revamping of the railways.

    Idowu, who took over from Alhaji Dele Tajudeen on Oct. 8, 2014, promised that his leadership would focus on transparency, accountability and devoid of selfishness and parochial interests.

    He expressed his commitment to end the incessant harassment and victimisation of IPMAN members by emphasising on welfare.

    Idowu also commended the National Executives of IPMAN under the leadership of Mr ChineduOkoronkwo for the stability and growth in the association.

    He said a monitoring team would be inaugurated to ensure conformity in IPMAN Mosinmi outlet.

    The IPMAN Mosinmi boss said the association was championing the national campaign on the massive use of Liquefied Petroleum Gas (LPG) against kerosene.

    He also assured IPMAN members that the association would continue to work with Products and Pipeline Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

    He noted that the collaboration with PPMC in depots would ensure seamless product supply to all nooks and crannies of Nigeria.

    Idowu said that IPMAN members controlled over 85 per cent of Nigeria’s petroleum products retail outlets, a development that made the association a dominant player in the nation’s downstream sub-sector.

  • ‘PIB will address gas supply constraints’

    n industry operator has called for the partial passage of the Petroleum Industry Bill (PIB) to open up the petroleum industry, especially the gas sector, to reinforce activities that depend on gas for fuel.

    The Senior Business Development Manager, Oando Gas and Power, Mr. Oga Adejo-Ogiri, who spoke on the gas sector requirements, said the undue delay of the bill’s passage has stalled activities in the oil and gas industry and overall economic development.

    He said if passing the entire PIB document is difficult, the National Assembly could approve some parts of it that would help move the industry forward.

    The PIB, he said, would adequately address issues concerning gas development, noting that the country does not have the legal framework for gas sector operation, which makes it difficult for operators and investors to invest in the sector.

    Adejo-Ogiri said partial approval of the PIB would strengthen institutional and regulatory frameworks to guide operations in the sector.

    He noted that policy inconsistency militates against the actualisation of government’s goals on utilisation and monetisation of the huge gas resources in Nigeria as well as the objectives of the Gas Master Plan (GMP), targeted at driving industrialisation and economic development.

    He explained that the lack of legal framework accounts for violation of some agreements entered with the government for the development of the gas sector through private sector participation. He said the government gave franchise to some firms to develop and control their areas within a given period.

    According to him, the franchises were in both the western and eastern areas of the Niger Delta and some parts of the country. Each firm has exclusive right to develop gas supply infrastructure in its area within a given period without government’s intrusion.

    But the government, he said, has brought in independent firms to build infrastructure in the franchise areas without consulting the franchisees as the agreement stipulated.

    He noted that because there is no commission or body in charge of the sector, it is difficult to complain to anyone.  He therefore, advised the Federal government to set up a body, like in the power sector, to drive the gas industry development and implementation of the GMP.

    Such a body, he said, would take responsibility for the coordination and implementation of the master plan and enable operators to have a specific entity to channel their concerns.  “As it is, the GMP has no ownership, nobody takes responsibility for anything,” he added.

  • Second best

    Second best

    •Sad, Nigeria’s oil exploration rates lag behind Angola’s

    One of the more interesting ironies of the Nigerian economic situation is the way in which some of the most crucial indicators of growth have actually declined at precisely the time that the country has been trumpeting its emergence as Africa’s largest economy.

    A significant example of this contradiction is the stagnation in its oil exploration rates even while it is the continent’s largest oil producer. In contrast, Angola is boosting its own rates to such an extent that it could become Africa’s largest oil producer by 2016.

    The figures tell a sobering tale of complacency in an era of rapid change. Nigeria currently produces about 2.15 million barrels of oil per day (bpd), in contrast to Angola’s 1.66 bpd. However, Nigeria’s efforts to expand the upstream sector of its oil industry have been stymied by a toxic combination of regulatory and legislative issues, increasing oil theft and growing insecurity.

    The much-talked-about Petroleum Industry Bill (PIB) has certainly contributed to the country’s lamentable situation. Drafted under cloudy circumstances, characterised by inordinate delays, and stoutly opposed by several of the multinational oil companies working in Nigeria, the PIB has caused more problems than it is meant to solve.

    Its supporters argue that it will provide root-and-branch reform of the oil sector, enabling the country to enjoy greater benefits from its oil and gas endowments. Those who oppose it believe that it puts too much power in the hands of the Minister of Petroleum Resources and is not transparent enough.

    The clash of claim and counter-claim notwithstanding, the delay in passing the PIB since 2008 has caused major stakeholders in the oil industry to adopt an unhelpful wait-and-see approach. The results are disheartening: Nigeria had only nine active drilling rigs in July 2014, compared to 42 for Algeria, 14 for Angola, 96 for Iraq, 35 for the United Arab Emirates, and 104 for Saudi Arabia. Its undiscovered oil and gas resources are estimated as being the largest in sub-Saharan Africa. About U.S. $28 billion has allegedly been lost in deferred and abandoned agreements since 2010. An increasing number of oil companies have chosen to sell off their oil blocks rather than exploit them.

    In stark contrast to the lumbering giant that is Nigeria, Angola has consistently demonstrated all the speed, aggressiveness and flexibility of a country which knows where it is going and how it intends to get there. Instead of remaining content with its position as Africa’s second-biggest oil producer after Nigeria, it has sought to build on the successes which caused it to briefly attain the top position in 2009. By offering relatively more attractive terms as well as the obvious benefits of increased security and regulatory stability, Angola has boosted foreign investment in its oil and gas industry. Eight pending offshore projects are expected to raise its output to 2 million barrels of oil per day by 2015. Already, Angola’s 2013 average output of 1.73 bpd was significantly close to Nigeria’s own average of 1.9 bpd for the same period.

    Nigeria cannot continue to treat the mainstay of its mono-product economy with such inexplicable complacency. Even without the added pressure of vigorous continental competition and increasing energy self-reliance, there can be no justification for this persistent refusal to resolve the problems confronting the oil sector.

    It is obvious that the delay in passing the PIB has been a major cause of the loss of investor interest. The bill’s stagnation in the National Assembly cannot continue; it should either be passed as it currently stands or it should be comprehensively re-drafted. Either measure would be more useful than the stasis to which it has been condemned.

    The Federal Government would also do well to consider the injection of new blood at the Ministry of Petroleum Resources. Given the way in which scandal, the absence of accountability and the profusion of incompetence have damaged the credibility of this crucial ministry, it cannot be surprising that the sector it supposedly superintends is in such dire straits.

     

  • Delay in PIB’s passage hurts $100b investment

    Delay in PIB’s passage hurts $100b investment

    Delay in the passage of the Petroleum Industry Bill (PIB) by the National Assembly has put over $100 billion investment in the oil sector in abeyance, Managing Director, Financial Derivatives Company (FDC), Bismarck Rewane, has said.

    The PIB seeks to establish a legal, fiscal and regulatory framework for the petroleum industry to rejuvenate the sector.

    In a report released yesterday, Rewane said delays in investment are also encouraged by market uncertainties due to the unfriendly business environment.

    “Investors in the economy are not new to these uncertainties. In the petroleum sector about $100 billion worth of investments is being delayed due to the delayed passage of Petroleum Industry Bill (PIB) according to the international oil companies (IOCs),” he said.

    He described vandalism and theft of telecom infrastructure as sabotage.

    It will be recalled that the Nigerian Communications Commission (NCC) earlier indicated that it recorded about 1, 200 fibre cuts in  a few months.

    Apart from the financial difficulties this may have brought on the operators, Rewane observed that the state of security for telecom infrastructure is not encouraging for any potential investor.

    “Every savvy rational investor considers the safety of his assets when making an investment decision. Unknown to most Nigerians, vandalism of telecoms infrastructure is a major problem. About two to three per cent of Nigeria’s BTS are shut down at any point in time due to vandalism, resulting in a loss of about $50million to $100million every year,” the report said.

    He said delays in investment are also encouraged by market uncertainties due to the current antagonistic environment between operators, regulators and the government.

    Such uncertainty in the telecoms sector, he reckons, can have a knock-on effect for the consumer, saying the experience in the United States in the early mid 1970s was a perfect example of what market uncertainties can do.

    He lampooned the frequent imposition of fines as sanctions on telecom operators by the industry regulators and  government using unregulated tax charges, a measure he maintains does not provide the platform needed for investors to commit more funds to capital expenditure.

    He said the story of the telecoms sector will mirror that of the petroleum industry if a proper regulatory and fiscal structure is not designed and enforced by relevant stakeholders.

    “Evaluating the dynamics of the telecoms environment, it is clear that there is still a strong need for increased capital investment in the industry. The publicised customer satisfaction levels with telecom operators serve as enough evidence for the need for improved services. However, until a solution is provided for the operators to deal with issues surrounding its operating costs, security, and uncertainty, Nigeria may not achieve the telecoms investment per capita observed in some of the emerging economies such as South Africa and Brazil,” he said.

    “Well-defined and legally backed fiscal and regulatory framework is needed to eliminate uncertainties about the telecom companies’ operations and potential investment. There is need for a uniform tax and levy framework across the nation which has a legal backing.

    “This would protect the operators from exploitative charges as well as the creation of unbudgeted new levies/taxes. Ultimately, a properly designed tax and levy framework will increase the positive perception of due process in the industry. Consequently, investor confidence in the environment will be improved and increase the probability of more capital investment in the industry,” he said.

  • ‘PIB, others vital to deep offshore’s growth’

    ‘PIB, others vital to deep offshore’s growth’

    Nigeria needs full implementation of the Local Content Act and swift passage of the Petroleum Industry Bill (PIB) to unlock the potential in the deep-offshore and improve earnings in the industry, the Chief Executive Officer, Ladol Free Trade Zone, Dr Amy Jadesinimi has said.

    Jadesinmi told The Nation, said the country’s inability to fully maximise the opportunities offered by the Act and the Bill would affect the industry’s growth.

    She said huge investments abound in the deep-offshore, urging the government to fast-track the passage of the bill.

    She said: ‘’With the right operating environment in place, Nigeria’s oil and gas industry would record huge growth and the stakeholders would be better for it. The country would be the hub for offshore industry in West Africa, and this would translate to big earnings for the operators and the government in particular.’’

    She said free trade zones provide immense opportunities for investors that are ready to tap them.

    She advised operators at the zones across the country to collaborate to further the growth of the petroleum, maritime and other sectors, arguing that the development would create immense job’ opportunities.

    ‘’Ladol has living up to its responsibilities as the only operational deep offshore’s logistics base by creating thousands of jobs for Nigerians. If the operators can collaborate, they can create over 50,000 jobs in the next few years,’ she added.

    She said tax exemptions, duty free importation are some of the benefits enjoyed by   investors operating at the zones, advising firms to make key into them.

  • NUPENG warns against unbundling NNPC before PIB’s passage

    NUPENG warns against unbundling NNPC before PIB’s passage

    •Fed Govt ‘must rehabilitate refineries before privatisation’

    The Nigerian Union of Petroleum and Natural Gas  (NUPENG) workers has  warned against unbund-ling state-run oil firm,  the Nigeria National Petroleum Corporation (NNPC) before the passage into law of the Petroleum Industry Bill (PIB).

    Its President Comrade Igwe Achise, who was reacting to reports that government is planning to unbundle the firm before the passage into law of PIB,  advised “the Federal Government not to, in any form bulkanise  the NNPC.”

    He however urged the government to expedite action on the passage of the bill at the National Assembly.

    The NUPENG boss, who spoke at a press briefing after the union’s National Executive Committee (NEC) at Abuja, added that when the PIB  becomes law, “we will sit down to discuss the next line of action, the balkanisation  and business model for the NNPC, that is the position of NUPENG.”

    Achise also recalled that oil workers reached an agreement with the Federal Government on the conditions to meet before the privatisation of the four refineries, the government is yet to meet the conditions.

    Among the conditions, according to him, are that the refineries’ Turn Around Maintenance (TAM) must be carried out,  the pipelines must be secured, the existing depots of NNPC should be made to work effectively.

    He said: “The government must also make sure that new refineries are built in this country. If you don’t meet these demands in making sure that these refineries are being rehabilitated, also working optimally as expected,  we will not allow government to sell our refineries for peanuts.”

    On the strike ultimatum given by the union, he said the workers have  suspended the strike pending the outcome of the findings  of the team State Security Services (SSS), Federal Ministry of Justice and the National Judicial Council (NJC) , which is investigating the Independent Petroleum Marketers Association of Nigeria (IPMAN) crisis.

    The team, according to him, would present its report on June 26, while the union takes its decision on the matter at its June 30th meeting.

    He said: “So  far, in the course of our meeting, an  agreement was reached and a team was constituted -the Ministry of Labour, the Ministry of Justice, the NJC, are being mandated to meet with the Directorate of the State Security Service, to investigate these allegations of NUPENG, in the cause of the lingering crisis and to proffer a solution to them.”

    He explained that NUPENG did not issue the ultimatum to inflict pains on Nigerians but to pursue the issue of the union’s collective agreement that was signed with IPMAN in 2009.

  • Agitation over PIB heightens as U.S. stops oil importation 

    Agitation over PIB heightens as U.S. stops oil importation 

    The need for the passage of the  Petroleum Industry Bill (PIB) has now become more expedient than ever. This is so because according to the Minister of Petroleum Resources, Mrs Diezani Madueke, the U.S. has finally  stopped the importation of Nigeria’s crude oil and gas.

    With this development, Nigeria is already seeking new markets to augment her sales.  Stakeholders in the industry are mounting pressure on the National Assembly to pass the bill before the expiration of the present session.

    Speaking at the Interactive Enlightenment Workshop on PIB organised by the Unite Consult Limited in Abuja, the Vice-President, Nigeria Labour Congress (NLC) Comrade Issa Aremu cautioned the National Assembly not to test the temperament of the Nigerian workers with the continued delay of passage of the bill. The labour admonished the lawmakers not to wait till NLC pickets them before the passage. Should the lawmakers fail to pass the bill before the next general elections, all the efforts at lobbying for the passages would result in nothing. Therefore, he vowed that “we shall add our voices to already existing mass pressure. Don’t forget that there has been a series  of demonstrations by the non-governmental organisations. NLC will add its voice to ensure that PIB becomes a law.”

    Aremu who enumerated the benefits inherent in the bill for the workers, also told the stakeholders at the  workshop that the bill is one of the progressive laws that the ongoing democracy can give the citizens.  He, told the chairman, House Committee on Petroleum  (Downstream), Hon. Dakuku Peterside that the National Assembly should not wait for it to be picketed over the issue. “It is good that chairman House Committee on Petroleum (Downstream) is here. I think they will not wait for us to picket them before they can pass this bill,” he said.

    Giving a breakdown of what the workers would gain from the bill, the NLC Vice President noted that it could culminate in the creation of fresh 19  companies from the unbundling of the Nigeria National Petroleum Corporation (NNPC).  He was  elated about the bill, which according to him, has made provision for local content. In other words, the PIB will lead to the engagement of  Nigerians from different professional background. With that provision, he maintained that “Local content means we must have the value for Nigerians to operate the sector instead of being dominated by foreigners. So, any law that will engage Nigerian technicians and accountants is a progressive law.  We will support it  as much as possible. “

    One may ask what the PIB seeks to achieve.  The issue of PIB commenced in 2007 following the recommendations of a Presidential Committee set up to carry out oil and gas reforms in Nigeria aimed at making Nigeria become one of the most  industrailised nations in the world by the year 2020. However, for the country to accomplish this tall dream, it was envisaged that the major source of revenue to the Federation account, (the oil and gas sector) must be re-positioned for greater efficiency, openness, and global competitiveness.

    The  bill was designed to strengthen the capacity of indigenous Nigeria companies in the oil and gas sector to compete with international companies in search and acquisition of hydrocarbons in the Nigeria. The measure was also intended reduce exploitation in the sector and limit, to the barest minimum, Federal Government’s exposure to oil and gas exploration and production through venture operations.

    Given the controversy over the former PIB, the process started afresh and a new PIB was presented to the National Assembly by the Executive arm of government on 18 July, 2012 for consideration and passage into law. The 2012 bill has been adjudged to be one of the most important legislative bills in the history of the country due to the critical role of the petroleum sector in the Nigeria’s economy.

    The objectives of the PIB are to create a conducive business environment for petroleum operations, enhance exploration and exploitation of petroleum resources in Nigeria for the benefit of the Nigeria people. Besides, the bill is to optimise domestic gas supplies, particularly for power generation and industrial development. It is to establish a progressive fiscal framework that encourages further investment in the petroleum industry while optimizing revenues accruing to the government among other objectives.

    In terms of structure, the PIB provides for the establishment of nine agencies that will be answerable to the Minister of Petroleum Resources. The minister shall be responsible for the co-ordination of the activities of the petroleum industry and shall exercise general supervision over all operations and all institutions and all institutions in the industry. The nine agencies will comprise of two regulatory agencies, three funds, three commercial companies and one technical and support bureau.

    From the lawmakers’ point of view, it was evident that the bill would do Nigeria a lot of good. Peterside , who spoke at the workshop said although the bill will not solve all the problems in the country, it is tailored to tackle of corruption, the the virus  in the industry.  According to the chairman, should the PIB become a law, it would tackle the perennial environmental challenges in the Niger Delta- the base  of oil production in Nigeria. He announced that three years after the passage of the bill, gas flaring that has been the major environmental threat to lives and the flora and fauna of the oil producing states will become history consequent upon the implementation of the law.

    There have however been questions about what is responsible for the delay of the bill.  Peterside thus explained that although it has passed second reading in the two chambers of the National Assembly, the lawmakers want take time  to do a thorough job. He added that since the bill concerns the economic mainstay of the country, the National Assembly would not want to commit grave mistakes and re-present it for amendment so soon.

    Represented by the Group Executive Director ( GED) Corporate Strategy and Planning, Dr. Timothy Okon, the minister reminded the stakeholders that should the National Assembly now fail to pass the PIB all the efforts of the present administration will be in vain.

    She announced to Nigerians that the country is in  urgent need of the commercialisation and liberalisation of the petroleum sector. With a voice laden with concern, she announced that  the U.S .which used to be the major importer of Nigeria’s crude oil has finally exited the market as a result of her development of Shale oil and gas. Therefore, the nation has to make haste to bridge the huge revenue gap the U.S. withdrawal has created. Madueke however revealed that Nigeria has begun the search for a fresh market for her crude oil. The minister urged the country to adopt sustainable economic policies in line with  the changes of global economy. The minister who sought the speedy passage of the bill insisted that the situation at hand calls for the change of present  policies which may cause future economic stress no matter how dearly Nigerians hold them. Her words: “The global economy is changing and Nigeria must  adopt sustainable economic strategy. I know many of you must have heard the Shale gas and the Shale oil revolution. This has literally knocked-out Nigeria from the export to the U.S. So, Nigeria must adapt. We must change our ways and policies that we may hold dear which may cause us economic stress in the future. So this market they call the Shale oil and gas has resulted in Nigeria seeking new markets for its oil.”

    Madueke  called for competitiveness in the sector, noting that there is need for new policies for strengthening the industry. The minister also urged Nigeria to look beyond oil and consider the importance of natural resources in economic transformation. She insisted that the time to diversify the country’s economy is now.  While making  a case for the passage of the PIB, the minister explained that the country   expects to attain a vibrant economy from its initiatives such as gas price reform, gas commercialisation, gas infrastructure framework and others policies that are enshrined in the bill.

    Like Aremu, Mrs. Madueke noted that in terms of job creation, it is hoped that the bill would restore Nigeria’s industrial capacity by providing employment opportunities for all.

    The continuous delay of the passage has however cast some fears among the stakeholders. As a result of the unanimous worry over the non- passge of the bill before the end of the current session of the National Assembly, Aremu said he was giving  the lawmakers the benefit of the doubt about the realization of the law. The NLC Vice President said he was still  hopeful that this session of the National Assembly will pass it into law because the Speaker of the House of Representatives, Hon. Aminu Tambuwal has “promised that by the end of this year the bill will become a reality.”

    Thus, the National Assembly has less that a year to make or mar the PIB.

  • NEITI seeks unbundling of PIB

    NEITI seeks unbundling of PIB

    The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday called for the unbundling of the Petroleum Industry Bill (PIB) into separate bills to ensure quick passage.

    NEITI Chairman, Ledum Mitee, who made this suggestion at the Roundtable on the remediation issues in the oil and gas industry audit reports in Abuja, called on the National Assembly to expedite actions on the passage of the PIB.

    He added that some of the “identified gaps  are institutional, it is important to state that the delay in the passage of the PIB has become a major obstacle to the desired reforms in our oil and gas sector.

    “In order to address broader policy and governance gaps existing in the sector, passage of the PIB has become very urgent and imperative.

    “ As we may be aware, the PIB not only makes the issue of transparency an overarching objective, but also makes provisions that,  when enacted, will strengthen NEITI roles in the sector.”

    The Roundtable was in collaboration of the Revenue Watch Institute, Open Society Initiative for West Africa (OSIWA) and other  international organisations.

    Mitee said remediation has been of engaging concern of NEITI, stressing that the Federal Government has reconstituted and expanded the platform, Inter-Ministerial Task Team (IMTT), for addressing remediation issues arising from the audit reports.

    The team, he said, is to strengthen implementation of the recommendations contained in the NEITI audit reports as well as ensuring that those corrective measures in the reports were adequately addressed.