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PIB: Passage Critical To Nigeria’s Economic Growth -Peterside
The Chairman House of Representatives Committee on Petroleum Resources Downstream, Hon. Dakuku Peter has said that the passage of the Petroleum Industry Bill, (PIB) is critical to leapfrogging Nigeria’s economy which is currently dependent on oil and gas resources.
Peterside spoke at a one-day interactive forum hosted by labour leaders in conjunction with Unite Consult Ltd.
The lawmaker made the statement in Abuja as guest speaker at the gathering which brought together labour leaders, stakeholders in the oil and gas sector and civil society groups.
Peterside gave the assurances in line with the commitment of the leadership of the House of Representatives that the PIB will be passed into law this year.
He gave extensive highlights of the PIB and explained its linkage to creation of employment, optimizing gas supplies for power generation, promoting transparency and openness in the administration of petroleum resources which will bring more money into the national coffers and stem corruption generally.
He pointed out that PIB, when passed, will generate confidence in the investment climate, create new regulatory institutions, unbundle and make viable the Nigerian National Petroleum Corporation, (NNPC) and establish a progressive fiscal regime that will encourage investment in small oil and gas fields.
Peterside admitted that there are contentious areas in the bill which is due to poor understanding by stakeholders but expressed optimism that all such areas will be amicably resolved.
He, therefore, charged stakeholders to strive to understand the issues contained in the PIB.
Also speaking, former president, Movement for the Survival of Ogoni People, (MOSOP) and chairman, Nigerian Extractive Industries Transparency Initiative, (NEITI) Ledum Mittee said the current proposal on Petroleum Host Communities Fund is not the best for oil bearing communities.
He proposed that the National Assembly should review it extensively with a view to addressing the gaps.
Mittee said there are many inconsistencies in the current bill before the National Assembly.
He admitted that the PIB is critical for national economic development but argued that it is better to pass a good bill that will address the main social problems it sets out to address rather than just passing any bill to please stakeholders.
He spoke against gas flaring, which he said, has had negative impact on the environment.
Vice President, Nigeria Labour Congress, (NLC) Comrade Isa Aremu moderated the session which was attended by over 200 labour leaders and civil society activists.