Stakeholders Seek Early Passage Of PIB

Some stakeholders in the oil and gas sector on Wednesday expressed worry over the delay in the enactment of the Petroleum Industry Bill (PIB).

They told The Tide in separate interviews in Lagos that the Federal Government should expedite action in enacting the bill before the end of July.

Mr Folorunsho Oginni, the Chairman of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), said that delay in passing the bill had hindered investments in the industry.

He advised both the executive and legislative arms of government to encourage enactment of the bill to facilitate the growth of the economy.

The union chairman said that the bill, which is aimed at overhauling the Nigerian National Petroleum Corporation (NNPC) and create an independent regulator, should be expediently passed into law.

He also said that the bill was aimed at fostering more roles for indigenous oil groups and reverse under-investment in the industry.

“It should not take eternity for the legislators to deliberate on the bill for passage into law.

“I hope that a draft of the reviewed PIB will get to the National Assembly on time for speedy passage into law,’’ he said.

The Tide reports that President Jonathan while receiving the draft of the bill had directed it should be submitted to the National Assembly within 14 days

Mr Tokunbo Korodo, the chairman of NUPENG in the west, said that the bill ought to have been passed into law long time ago.

He said that the bill was critical to the development of the oil and gas sector.

Korodo advised the legislators to ensure speedy passage of the bill for socio-economic development of the country.

“Government should understand that the bill is long overdue to be passed into law,’’ he said, adding  that the bill, which had generated controversies that led to its different versions at the National Assembly, should be enacted soonest.

Mr David Ugolor, the Executive Director of African Network for Environment and Economic Justice (ANEEJ), said that the bill would tackle many challenges in the petroleum industry.

“There is a general consensus that the only way forward is for the Federal Government to speed up the reform through the passage of the PIB.

According to him, the PIB will help to improve the economy in several ways as the oil and gas sector has remained the major source of foreign exchange to the country’’