PIB to be signed before 29th April – Lawan

By Musa Baba Adamu

The Senate President, Ahmed Lawan, has assured that the Petroleum Industry Bill (PIB) which is currently receiving legislative attention in both Chambers of the National Assembly, would be concluded and signed into law on or before April 29.
Lawan stated this during his remarks at a two-day public hearing on the Petroleum Industry Bill, which is being organized by the Senate Joint Committee on Petroleum Resources (Downstream), Petroleum Resources (Upstream) and Gas, at the National Assembly.
The Senate President lamented that the PIB has defied all previous efforts to pass it into law, but emphasised that this time around, the 9th National Assembly will do everything possible to pass the Bill into law, adding that lawmakers of the 9th parliament are ready to pass many other legislation that will change the lives of Nigerians, given that the present crop of lawmakers are committed, patriotic and ready to change many things in Nigeria.
Speaking earlier, the Minister of State for Petroleum Resources, Timipre Silva, said the PIB, when passed, will stimulate economic growth, infuse transparency in the industry, make NNPC a self sustained industry.
He said that it will also mandate improved environmental systems in the oil communities, pointing out that the Bill has five structures, including: governance and institution, administration, hoste community development, fiscal framework, and other provisions.
Speaking further, he said the NNPC has engaged key industry players home and abroad, to arrive at consensus, but pointed out that the PIB cannot be completed without the input of Nigerians, hence the public hearing. Silver also reminded the lawmakers that passing the Bill into law is only a means to an end, as the end is to ensure well being of the citizens and jobs for the masses.
In his remarks during the public hearing, the Group Managing Director of NNPC, Mele Kyari, said the Nigeria’s oil industry has refused to develop since 2000 till date because most foreign investors are sceptical of putting in their funds because of lack of clear legislative framework governing the sector.
This he said has stagnated the oil sector for long, even as he reminded the lawmakers that the energy sector is a transiting industry because investors and consumers are constantly looking for options, especially where the cost of production is cheaper and where business environment and conditions are better.
“There is need to pass it to make the industry more competitive. The bill will bring Nigeria back to prosperity to take advantage of the resources to bring back a prosperous nation”, he said, adding that the passage will develop the economy and bring people out of poverty.