With President Muhammadu Buhari yet to sign the Petroleum Industry Governance Bill into law, Mr Henry Adigun, an oil and gas expert, has said the President’s continuous refusal to assent to the bill is reducing revenue generated from the sector.
Speaking with social media influencers on the impact of ‘Petroleum Sector Reforms on Nigeria’s Economy’, Mr Henry stated that the bill is targeted at boosting the nation’s economy.
Meanwhile, Senator Ita Enang, Presidential Liason to the National Assembly-Senate, had claimed that Buhari refused to sign the PIGB because it “unduly increases the funds accruing to the Petroleum Regulatory commission to the detriment of the revenue available to the Federal, States, Federal Capital Territory, and Local Governments in the country”.
He maintained that the bill would help in reducing “maladministration and bureaucratic bottlenecks” in the sector.
“The PIGB if assented to would help establish Policy and Supervision, Regulation and Commercial Operators thereby removing maladministration and bureaucratic bottlenecks in the oil and gas sector,” he said.
It was buttressed that the current framework is affecting the sector and not generating enough revenue as expected while noting that the PIGB is changing what is obtainable by ensuring soles and responsibilities are better clarified, discretionary powers abolished, governance and transparency strengthened, introduce merit-based appointments, refocused industry regulation and create two commercial entities for improved performance and accountability.
The key speaker maintained that the monopoly and unchecked activities the Nigerian National Petroleum Corporation is enjoying is not healthy for the sector.
“The PIGB will create the office of a minister who does policy setting, direction, Industry setting and supervision.
“It would also ensure the establishment of Petroleum Regulatory Commissions who promote and optimize national resources and revenues just like the NCC does in telecommunications,” he expressed.
The oil and gas expert added that it is high time the Nigeria government focus on boosting the economy through petroleum reforms considering that the country is solely dependent on oil which is a non-renewable asset.