A Review of the Nigerian Energy Industry

NEITI calls for speedy passage of PIB

25 March 2013, Abuja –  The Nigeria Extractive Industries Transparency Initiative, NEITI, has called for the speedy passage of the Petroleum Industry Bill, PIB, currently before the National Assembly.

A statement issued by NEITI’s Director of Communications, Mr Ogbonnaya Orji, said the agency was gladdened by the commencement of deliberation on the bill by the National Assembly.

“NEITI notes with interest that the Bill has passed the first and second readings and progressed to the Committee stage at the Senate.

“The House of Representatives has also shown equal commitment by setting up a special ad-hoc committee to facilitate legislative proceedings on the bill,’’ it said.

The statement said the bill’s passage would go a long way in enhancing NEITI’s job of enthroning transparency and accountability in the nation’s oil and gas sector.

It noted that NEITI had been engaging stakeholders in the sector and the general public with a view to contributing to the content of the bill.

The statement said NEITI had articulated its contribution to the bill in a memorandum sent to the National Assembly.

“NEITI’s memorandum on the PIB has been submitted to the National Assembly.

“The areas highlighted are institutional governance and regulatory frameworks, award and acreages management, environmental issues, fiscal responsibility, financial provisions and public procurement,’’ it said.

The statement added that NEITI was ready and willing to defend its positions with a formal presentation during the public hearing on the PIB at the National Assembly.

It said NEITI would continue to push for the emergence of a petroleum industry law that would promote good governance and fiscal regime.

“We will want a law that meets international standards as well as guarantee increased revenue flow to the federation,’’ NEITI said in the statement.(NAN)

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  • Let’s hope the bill receives all the attention it can get to ensure that the law that eventually emanates from the bill serves the industry better.