Members of the National Assembly (NASS) have been tasked by stakeholders in the oil industry to pass other components of
the Petroleum Industry Bill, just as it has done with the Petroleum Industry
Governance Bill (PIGB), reports ITRealms.
The call was made at a
roundtable dialogue organized by Centre for Financial Journalism (CFJ) and
Facility for Oil Sector Transformation (FOSTER) in Lagos, Wednesday which
attracted stakeholders from the oil and gas industry, the media and
non-governmental organizations.
Other components of the
Petroleum Industry Bill, ITRealms gathered, are Petroleum Industry Fiscal Bill;
Petroleum Host Community Bill; and Petroleum Industry Administration Bill.
The Petroleum Fiscal
Bill will ensure progressive framework that encourage sustained investments,
growth and revenue to government; serve the socioeconomic needs of all
stakeholders; and clarify legislative aspects of the fiscal regime from the
negotiable aspects of contractual obligations.
On the other hand, Petroleum
Host Community Bill will ensure shared prosperity and sustainable development
of petroleum host communities; provide direct economic benefits to host
communities; and assure inclusiveness, enhance peaceful co-existence and
harmonious relationship, while Petroleum Industry Administration Bill will
enhance efficient, effective and sustainable development of the sector;
encourage and facilitate local and foreign investment; promote transparency and
accountability; promote liberalization of the downstream sector; and ensure
best practices in petroleum operations.
The stakeholders noted
with dissatisfaction the long delay that has characterized the passage of these
crucial bills, noting further that their non-passage so far has deprived the
country enormous potential for the growth of the sector.
Since the Petroleum
Industry Bill was initiated and introduced in 2000, it has been gridlocked in
the politics between the contending forces within the Nigerian oil and gas
industry such that so far, three successive governments have not been able to
pass any component of the PIB into law.
Stakeholders also noted
that the passage of these bills is urgently needed in view of current dynamics
in the global oil market.
The Federal Government,
including the National Assembly, should expedite action on concluding the
necessary reviews of these bills so that they can be passed into law as soon as
possible, the stakeholders insisted.
Chuks Egbune/GEE
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