Nigerians have appealed to President Muhammadu Buhari to ensure the Petroleum Industrial Bill, PIB, is passed into law in 2020.
The PIB which seeks to increase government revenue from oil and lay down a strengthened legal and regulatory framework for the Nigerian oil industry, has continued to suffer legislative delays and limited consideration from the executive.
Nigerians using the #NigeriaNeedsPIB have advised the government to face it’s fears and pass the bill because of the economic benefits that will be derived from Petroleum exploration and production.
Read some of the tweets;
I must say Countries like Norway, Dubai etc have completely revolutionized their country with the proper management of their natural resources. Nigeria deserves such development, we need for our resources to be managed for the good of all citizens. #NigeriaNeedsPIB pic.twitter.com/3Pq3NI7YHa— Truth ✝️ (@HorllyL) August 20, 2020
Also the PIB will create a new fiscal regime for Nigeria’s oil industry which would govern the economic benefits derived from petroleum exploration and production. #NigeriaNeedsPIB pic.twitter.com/ZNtfcofeaL— AYOBAMI✨ (@iam_ayobamie) August 20, 2020
For many years, Nigeria's oil & gas resources management has faced several setbacks resulting to lack of development and increased poverty rate in the country. This is largely as a result of lack of reformation in the sector. #NigeriaNeedsPIB pic.twitter.com/pXk7GrMRpk— Truth ✝️ (@HorllyL) August 20, 2020
NEITI in 2015, calculated that Nigeria is losing 120 Billion dollars annually due to regulatory uncertainty in the sector. A new law will mean clarity which will boost investors confidence meaning more companies meaning more jobs!@MBuhari#NigeriaNeedsPIB— Olofu (@sheiduhabib_) August 20, 2020
Yes With the Passage of PIB, National Petroleum Regulatory Commission (NPRC) will be mandated to proritise the Regulations of the Whole sector. NPRC will replace the current Department of Petroleum Resources @dprhotline #NigeriaNeedsPIB pic.twitter.com/l37seX36dS— Juliet Olubode (@JullyOlu) August 20, 2020
One of the many Benefit of pib• is that it will create more jobs for Nigerians, as it will become illegal to employ foreigners for certain skills that can be sourced locally.#NigeriaNeedsPIB pic.twitter.com/gYykIHuz5B— Tiwa #BBNaija2020 (@Swittiwa) August 20, 2020
The bill initiated in 2004 was first submitted to the National Assembly in 2012 with several committees constituted for the purpose with countless stakeholder consultations and engagements all resulted in endless back and forth between the executive and the legislature.
For more than eight years since the bill was first presented to the National Assembly it
This bill will solve the enormous challenges of the Nigerian oil and gas industry as every year the country ignores the passage of this bills results in setbacks as it worsens the problem of the sector and by extention the Nigerian economy that largely depends on it.
Over the years the government has demonstrated it’s lack of will power or maybe one can say a deliberate attempt to ignore the passage of the bill despite its huge advantage .
When passed, the bill will improve transparency, attract investors, stimulate growth and increase government revenues.
It also seeks to establish a framework for the creation of commercially-oriented and profit-driven petroleum entities, to ensure value addition and internationalisation of the petroleum industry, through the creation of efficient and effective governing institutions with clear and separate roles for the petroleum industry.
The bill is designed to reform the Nigerian oil and gas industry. All the government owes it’s citizen is to be sincere enough to pass this bill which on as the advantages have been see to be a panacea to the growth of the nation’s economy.
For efficiency PIB was broken into four Bills namely: Petroleum Industry Administration Bill, PIAB, Petroleum Industry Governance Bill, PIGB, Petroleum Industry Administration Bill, PHICB, Petroleum Industry Fiscal Bill, PIFB.
Despite the breakdown for clarity, it still remains unclear while the bill is still awaiting passage with little or nothing done to see that the bill is near passage.
Although president Buhari had promised that by 2020 he would ensure PIB becomes law, not much as been done towards achieving the goal.
It almost seem like the government now enjoys the delay and controversy around the bill, hence it’s refusal to take decisive steps that will help fast track the process of making the effort bill a law .