-By Olufunke Afolami
The Petroleum Industry Bill (PIB) was transmitted to the National Assembly in September 2020 from the executive where it began its journey through four successive administrations for the past 20 years. This has elicited concern from operators of the industry as to why it has to take long to pass a legislation for the oil and gas industry. Oil is Nigeria’s economic main stay therefore, a bill that will sustain the industry should have been given priority to strengthen the sector in terms of sanctity of contract and attraction of investors who would have known various aspects of the law before venturing into investments.
The Speaker, House of Representatives, Femi Gbajabiamila said at the ongoing two-day public hearing that the PIB will be passed by the House in April 2021 and a draft to protect the interest of Nigeria and Nigerians as the world moves towards renewable energy.
There is need to diversify the country’s economy away from oil and position the oil and gas industry to be more efficient and profitable for global possibilities.
According to Hon. Mohammed Tahiru, the PIB when passed into law will bring about the much-needed growth in the industry and it will operate with international standard.
The Minister of State for Petroleum Resources, Timipre Sylva, Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari and the Executive Secretary of the Federal Inland Revenue Service (FIRS), Mohammed Nami highlighted the advantages of the legislation to the government and the host communities.
The Minister was of the view that, “the bill is designed to guarantee any revenue for government, clarifies roles and simplify administration of the sector.”
The public hearing which ushers in contributions from various stakeholders of the public and private sector will expectedly highlight the potentials of the oil and gas industry for maximum benefits.
However, it was a free-for-all by oil producing communities in the Niger Delta region during a public hearing on PIB.
The fight broke out at House hearing room 028 among some of the leaders of the host communities. It was not clear what led to the fight, trouble started immediately HOSTCOM (Host Communities) was called by the Chairman of the Ad-hoc Committee to make their presentations.
The chairman has earlier said that after the Hostcom complete their presentation, the various host communities will be invited individually to make their presentations.
This does not go down well with other stakeholders from the region as they objected.
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