15 November 2015, Abuja – Speaker of the House of Representatives, Hon. Yakubu Dogara has called on President Muhammadu Buhari to urgently re-transmit the Petroleum Industry Bill (PIB) to the legislature to ensure its early passage into law due to its importance to the nation’s economy.
Speaking Monday at the Dialogue of the National Assembly on economy, security and development in Abuja, Dogara described the PIB as one of the most important pieces of legislation as the sector still accounts for over 70 percent of the nation’s foreign exchange earnings despite the fall in oil prices.
“We therefore cannot afford not to organize the sector in such a manner as to benefit the nation. In this regard, may I call on the President as the Minister of Petroleum to as a matter of urgency transmit a Bill to the National Assembly on how his administration intends to reorganize the Petroleum Sector,” he said.
Dogara noted that the PIB has had a checkered history, with its introduction late in the sixth Assembly. In the 7th Assembly, a private Members Bill was introduced in the first month of that assembly, based on the experience of the 6th Assembly, he said.
“However, the last administration informally indicated that it would prefer an Executive Bill on the matter, which took over two years to materialize. It was passed only by the House of Representatives very late in its tenure without the Senate concurring. Investment decisions in this field cannot continue to wait. Clarity on the legal framework for Oil and Gas in Nigeria is crucial to our economy. Contrary to the assertion that the size of the Bill is the problem, the fact is that an early introduction will lead to an early passage,” he said.
Speaking further, the Speaker called for all expenditure by all Ministries, Departments and Agencies (MDAs) to be captured in a single budget.
- This Day