Oil workers under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has stated that Nigeria has lost over $235 billion as a result of its inability to pass the Petroleum Industry Bill (PIB) into law since the reform in the Nigeria’s oil and gas industry was kick-started 17 years ago.
The union has therefore charged the National Assembly to pass the other aspects of the PIB – the Petroleum Fiscal Framework Bill; the Petroleum Industry Downstream Administration Bill; the Petroleum Industry Revenue Management Framework Bill and the Petroleum Host Community Bill, into law.
In a statement at the weekend, the Chairman of NUPENG and PENGASSAN Petroleum Industry Bill Committee, Comrade Chika Hyginus Onuegbu commended the Senate led by the Senate President Senator Bukola Saraki and its Joint Committee on the Petroleum Industry Governance Bill (PIGB) led by Senator Tayo Alasoadura for the passage of the Petroleum industry Governance Bill (PIGB) 2016.
He said the passage of the PIGB was a milestone achievement, especially as it was not an Executive Bill.
Onuegbu, however, noted that the PIGB only deals with the one aspect of the PIB, which is the governance and institutional framework of the Nigerian petroleum industry.
“Also, when you consider that Nigeria has lost over $235 billion due to its inability to pass the Petroleum Industry Bill into law since the reform in the Nigerian Petroleum industry was kick-started 17 years ago. We therefore look forward to the concurrent passage of the Petroleum Industry Governance Bill (PIGB) into law by the Federal House of Representatives and also eventual accent by the President of Nigeria,” he explained.
