Yemisi Izuora
Stakeholders in the Nigerian oil and gas sector have expressed fear over the position of the Petroleum Industry Governance Bill, PIGB, nothing that the Bill which has since been passed and harmonised by both the Senate and House of Representatives is yet to reach the presidency for assent.
President, The Petroleum Club Nigeria Dr. Goodwill Ihetu and panel chairman at the 2018 National Association of Energy Correspondents, NAEC, which held today in Lagos informed Industry operators at the event that contrary to information in the public domain that the Bill is awaiting presidential assent, in the actual sense the PIGB was yet to leave the National Assembly.
He said the the information with regard to whereabout of the Bill was disclosed at the Senate public hearing on June 3rd this year.
Oriental News Nigeria reports that the hearing was to consider the Petroleum Industry Fiscal Bill, the Petroleum Industry Administration Bill and the Petroleum Industry Host and Impacted Communities Bill.
Ihetu, said that it was the Senate president himself that let out the information that the National Assembly was yet to transmit the PIGB to the president, and that the document was still with the lawyers who were tidying up the legal aspects of the Bill.
“It is therefore unclear whether or not this document has arrived at the presidency”, he feared.
He expressed concern that despite several billions of dollars of potential revenue and investment loss due to delayed passage of the Bill it will be unfortunate if one more year is added to the process before implementation especially as the Bill recognises the urgency in completing the remaining three Bills.
Ihetu therefore urged stakeholders to mount pressure on government to speed up the process of passing the Bill into Act so as to commence proper implementation.
Another cause of concern raised by the panel chairman is the retention of the Petroleum Equalisation Fund, PEF, in the PIGB. He argued that rather than outright abolition, it has been allowed to exist for another indefinite transition period than to be phased at a non specific date.
Also speaking on the issue, the deputy managing director, Deep Water District of Total Exploration and Production, Ahmadu-Kida Musa noted that the PIGB is the first in a series of four proposed Bills that constitute the legal framework for the Petroleum sector reforms of the federal government.
Musa said that the three other Bills are currently undergoing various legislative processes at NASS.
“As it is usually the case with new legislation, especially one as fundamental as this, there are bound to be some initial concerns. But we believe that these concerns can be easily addressed through dialogue and legislative public hearings. Our thoughts and concerns on the PIGB and rest of the proposed bills have been articulated by our umbrella organisation, the Oil Producers Trade Sections, OPTS of Lagos Chamber of Commerce and Industry”, he said.