Ike Amos
26 May 2017, Sweetcrude, Abuja — The Nigeria Extractive Industries Transparency Initiative, NEITI, weekend called on the House of Representatives to tow the line of the Senate and ensure the speedy passage of the Petroleum Industry Governance Bill, PIGB.
In a statement signed by its Director of Communications, Mr. Ogbonnaya Orji, NEITI said it welcomed with excitement, the bold step by the Senate to pass the Bill, stating that the passage of the bill is coming more than seventeen years after the process commenced in April 2000.
NEITI disclosed that with the prospects of the new Law coming into place, the huge revenue losses to the nation as a result of governance lapses would be eliminated.
According to NEITI, the objective of a petroleum sector Law remains to develop a dynamic governance framework that would re-position the Petroleum industry to fully embrace competition, openness, accountability, professionalism as well as better profit returns on investments.
It noted that the decision of the Senate to consider the bill as priority resulting in its passage is not only legendary but historic given the challenges the bill has passed through in its legislative journey for almost two decades.
It said, “NEITI as an agency set up to enthrone transparency and accountability in the management of the extractive industries in Nigeria have legitimate interest in the PIGB in view of its strategic importance to the realization of its mandate.”
Continuing, it said, “While NEITI looks forward to carefully studying the contents of the PIGB as passed by the Senate, it joins all stakeholders to commend Senate for what has been achieved so far in the passage of this important Bill.
“NEITI hopes to convey a multi-stakeholders dialogue on the provisions of the bill as passed by the Senate to set the stage for informed stakeholders’ engagements on how this Bill will positively influence the on-going reforms in the oil and gas industry.”