National Assembly Tasked On Passage Of Other Components Of Petroleum Industry Bills 

PIC.23. SENATE CHAMBER DURING THE INAUGURATION OF THE 8TH NATIONAL ASSEMBLY IN ABUJA ON TUESDAY (9/6/15).
3023/9/6/2015/CH/BJO/NAN

Yemisi Izuora 


The
   National   Assembly   has   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).
The call was made at a roundtable dialogue organized by Centre for Financial Journalism (CFJ) and
   Facility   for   Oil   Sector   Transformation   (FOSTER)   in   Lagos  which   attracted stakeholders from the oil and gas industry, the media and non-governmental organizations.
The
   other   components   of   the   Petroleum   Industry   Bill   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.

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