Fidelity bank banner UBA banner
Stakeholders demand implementation timeline for PIGB

By Ugo Amadi on 16/08/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 407

•President, Petroleum Club, Dr. Godswill Ihetu.
•President, Petroleum Club, Dr. Godswill Ihetu.

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 assets to it and it becomes a law.

A panel of energy experts who spoke at the Annual Conference organised by the Association of Energy Correspondents of Nigeria (NAEC) held on Thursday in Lagos expressed the fear that unless the PIGB is insulated with a timeline stating its implementation deadline, it's 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 panellists 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 panellists 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 institution that is currently absent and stifling efforts to attract sufficient private sector investments.

Ihetu in his contribution lauded the National Assembly for the timely delivery of PIGB for assent by President Buhari but however noted how the 7th National Assembly had thought they had worked out a successful PIB Act for the country only for the 8th Assembly to jettison it and the process restarted with an attendant loss of billions of dollars to the industry.

“Nigerians have to persuade the Federal Government act on the PIGB as we are in an election year. There must be an acceleration for the assent by President Buhari so that we don't lose more money,” said Ihetu.

On his part, Adefulu acknowledged that the PIGB was coming at a time that there was more dissipation of energy for the 2019 elections and that this could pose a problem for its implementation.

“We have to stay optimistic because this is the first time that the PIB has gotten to the President. Nigerians have to put the pressure to ensure that President Buhari signs it into law,” said Adefulu.

“And to prevent any further delay if the current government doesn’t return in 2019, there must be a commencement date inserted to say irrespective of who is the President of Nigeria, the bill must start running on such a date,” he added.

Adefulu also faulted the previous laws governing operations in the oil and gas industry, especially as it was created so much room for abuses by giving unrestrained powers to the Minister of Petroleum Resources to grant oil prospecting licences to investors without provisions for checks and balances even by the DPR. In his contributions, Mr. Henry Adigun, however, decried the continuous payment of subsidies by the Federal Government for PMS saying the PIGB makes provision for the abolition of fuel subsidies which has been starving the government of funds to develop other critical sectors like transport, health and education. According to him, the removal of subsidies would create a level playing field for private sector investments which would open up the downstream sector with massive job creation for Nigerians.

“The profit and gain that Nigeria should be making from crude oil sales are being used by the NNPC to subsidise products,” lamented Adigun.

“Subsidy is no longer sustainable all over the world and the PIB is very clear that subsidy regimes and the Petroleum Equalisation Fund PEF is in their last days and this is commendable,” he said.

The stakeholders said the PIGB reflects the aspiration of Nigerians and that the benefits would be lost if it is not passed into law. “Nigeria cannot be static in its oil operations and I think the PIGB will provide a base to propel the industry to give more benefits to Nigeria,” added Adigun.



Source News Express

Posted 16/08/2018 8:10:32 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
Buhari, El-Rufai, Buratai named among enemies of Nigerian...

Group intervenes in Igbo/Yoruba misunderstanding, calls for truce...

APGA crisis: REPENT NOW, Chekwas Okorie tells VICTOR...

INEC extends voter registration in Lagos, Ogun, four...

Encounter with Governor Obiano thrills fish seller

Those fighting Amaechi won’t succeed —Rivers APC •Concludes...

How Africa’s super-rich spend their millions

Stop playing politics with the life of Nigerians,...

Thunderstorms, heavy rains expected on Sunday — NiMet...

Striking Abia teachers will soon return to work...

INEC affirms readiness for Rivers elections

Mikel’s rare goal ends Chelsea’s woes


Latest News School principal flogs corps member in front of students Those who feel they have another country free to go — Buhari Boko Haram: Chibok girls release secret diaries 2019: My nomination as Atiku’s running mate an act of God — Peter Obi Death toll in Kaduna violence hits 78 Confusion over Nnamdi Kanu’s whereabouts •He is not in Jerusalem, says Israeli Government DSS breaks silence on Nnamdi Kanu’s escape Ekweremadu set to dump PDP for APC Christian lawyers, others allege genocide in Plateau Ogun guber crisis: Amosun accuses Tinubu, Osoba, Oshiomhole of fraud Buhari gives APC marching orders to take over Kwara from Saraki Spokesman kicks as APC releases song entitled ‘Atiku is a thief’


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (409,107 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,667 views) Shameless Genevieve Nnaji exposes breasts in public (316,084 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (259,579 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (238,507 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (225,015 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,911 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (186,345 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (171,213 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,407 views) Lagos plane crash: Journalist releases victims’ names (162,079 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,762 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (70) Business & Economy (3,703) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (561) Features (660) Global Business Monitor (305) International (2,568) Interview (165) Live Commentary (28) Love Matters (145) News (39,849) Opinion (1,127) Pidgin (13) Politics (7,364) Religion (885) Sports (1,740) Stock Watch (35) AMA & Al Jazeera Global Update


NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner





LIBYA vs NIGERIA 2-3 Goals Highlights


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera