The Federal Government has been urged to set a definite timeline for the commencement of the implementation of the Petroleum Industry Governance Bill (PIGB) once President Muhammadu Buhari assents to it.
A panel of energy experts who spoke at the Annual Conference organized by the Association of Energy Correspondents of Nigeria (NAEC) which held in Lagos expressed the fear that unless the PIGB is insulated with a timeline, stating that its implementation deadline as well as its passage into law in an election year (2018) might suffer unnecessary delays if the incumbent Federal Government fails to get re-elected in 2019 to execute the law.
The panelists said over the years, Nigerians had not benefited much from the oil and gas industry due to lack of accountability and transparency.
But, they assured that with the PIGB which separates the regulatory and commercial functions from the existing NNPC, DPR, and Federal Ministry of Petroleum Resources the country would gain more from the industry.
For instance, they said, the PIGB would end the regime of political interferences and abuses of previous years in the NNPC, just as they expressed the optimism that the PIGB will assist unlock all dormant potential in the petroleum industry to deliver improved dividend to Nigerians.
The panelists comprised the President, Petroleum Club, Dr. Godswill Ihetu; Team Leader of FOSTER, Mr. Henry Adigun; and a lawyer, Dr. Adeoye Adefulu.
The three of them urged Nigerians to embrace the PIGB as its implementation will give the petroleum industry a strong commercial and regulatory institutions that is currently absent and stifling efforts to attract sufficient private sector investments.
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