PIB: Buhari urged to stop further slips after $80bn loss

29 June 2016, Abuja – President Muhammadu Buhari has been urged to intervene and secure the political will to stop further loss of investments after loss of $80billion direct foreign investment and another $10billion fresh investment were recorded in the oil sector due to the non-passage of the Petroleum Industry Bill (PIB).

PIB-600x330Experts in oil and gas and the civil society made the call on Tuesday in Abuja at stakeholders’ consultative dialogue on the PIB organised by the Civil Society Legislative Advocacy Centre (CISLAC) and the Strengthening Advocacy and Civic Engagement (SACE).

The Executive Director of the African Centre for Leadership, Strategy and Development (Centre LSD) Dr. Otive Igbuzor, said that there are prevailing opportunities to ensure the passage of the PIB and that the present administration’s change mantra be extended to the oil and gas sector of the country.

“The knowledge of what Nigerian is losing is becoming more widespread. According to Bank Anthony Okoroafor, the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Nigeria has lost $10bn (N1.7 trn) fresh investment to the non-passage of the PIB. According to Chuka Onuegbu, the Chairman Trade Union Congress (TUC) Rivers State, Nigeria has lost $80 bn in foreign direct investment from the delay in the passage of the PIB. The political leadership will lose any form of credibility left if the PIB is not passed before the end of the 8th Assembly,” Igbuzor said.

Executive Director of CISLAC Auwal Ibrahim Rafsanjani who represented the Civil Society Organisations (CSOs) representative on the National Stakeholders Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiative (NEITI) Mr. Kolawole Banwo, said that the PIB is necessary for effective governance of the oil and gas sector in Nigeria.

 

  • Daily Trust
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