30 June 2016, Abuja- President Muhammadu Buhari has been urged to ensure the passage of Petroleum Industry Bill to stop further loss after $80billion direct foreign investment and $10bn fresh investment were recorded in the oil sector due to the non-passage of the PIB.
Experts in oil and gas and the civil society made the call yesterday in Abuja at a 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 were 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 Nigeria 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 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