The Deputy Speaker of the House of Representatives, Mr Emeka Ihedioha, last week assured Nigerians that the Petroleum Industry Bill (PIB) would be passed into law.
Ihedioha gave the assurance at a stakeholders’ meeting on the PIB organised by the Nigeria Extractive Industries Transparency Initiative (NEITI) in Lagos.
He said that the National Assembly would ensure that the PIB was crafted in a manner that would create an efficient and competitive oil industry.
The Deputy Speaker of the House of Representatives, Mr Emeka Ihedioha, last week assured Nigerians that the Petroleum Industry Bill (PIB) would be passed into law.
Ihedioha gave the assurance at a stakeholders’ meeting on the PIB organised by the Nigeria Extractive Industries Transparency Initiative (NEITI) in Lagos.
He said that the National Assembly would ensure that the PIB was crafted in a manner that would create an efficient and competitive oil industry.
“The PIB is expected to lay a solid foundation for the regulatory, structural, commercial and fiscal framework for the operations of the oil and gas sector in Nigeria as well.
“This law indeed is a major commitment to enthrone transparency and accountability in the oil sector operations.
“Section 190 of the draft PIB provides for an Award Process of Petroleum licenses and places NEITI at the heart of the award process.
“Subsection 6 provides that all bids received based on the established bid parameters shall be processed in accordance with the published guidelines and monitored by NEITI.
“This provision in the draft bill has clearly assigned a major responsibility to NEITI to protect our collective patrimony,“ he said.
Ihedioha said that the House of Representatives would surely support the PIB because it considered the bill to be laudable.
“Resource-rich country like Nigeria must enjoy the fruits of her God-given natural resources,’’ he said.
Mrs Zainab Ahmed, Executive Secretary of NEITI, said that the objective of the day’s forum was to sensitise stakeholders on the provisions of the PIB.
She said that NEITI planned to stimulate robust debates about the bill for the purpose of helping the National Assembly to be more informed.
“For us in NEITI, PIB is important because it will drive the reforms in the country’s upstream and downstream oil sectors.
“It will also provide solid foundation for the regulatory structural, commercial and fiscal framework for the operators.
“The bill, we believe, would halt the mismanagement, inefficiency and lack of transparency in the sector,“ she said.
Ahmed urged civil society organisations, companies, government representatives and development partners present at the forum to freely express their opinions on the bill.
“Please suggest ways to make the PIB meet all our national expectations, “ she said.
Ahmed pledged that NEITI would continue to sanitise and mobilise stakeholders and engage them in the realisation of the prospects of the bill.
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