For over a decade now, the issue of the Petroleum Industry Bill, PIB, has been in the front burner of discourse, with Petroleum industries clamouring for the implementation of the Bill. But it has been neglected and over-flogged at the National Assembly, with no concrete steps taken in this regard.
The Minister for Petroleum, Timipre Sylva, says the Oil ministry will send a new Petroleum Industry Bill to parliament next week, aiming to pass it into law by mid-2020, hoping to end years of delay that have hampered investment.
The PIB bill has seen various incarnations under successive administrations, but none has managed to sign it into law. The resulting uncertainty has left oil companies and investors lukewarm about putting their money into Nigeria, Africa’s largest crude producer.
According to Sylva, “The lack of a bill “really brings a lot of uncertainty to the investment climate”, and passing it is essential to attract much-needed funding to Nigeria’s oil sector.
“When it is sent to parliament the draft legislation will become a public document”, he said.
The most recent version of the bill was during President Muhammadu Buhari’s first term, but disagreements between lawmakers and the executive saw the leader reject parliament’s efforts, neglecting the implementation of the bill.
Now, the relationship between the legislature and the presidency is on better footing and could pave the way for smoother drafting and adoption of the bill, which Sylva believes could materialise and see the light of day before end of 2020.
“We are on the same page as the National Assembly,” Sylva said, referring to Nigeria’s parliament, adding that he hoped international oil majors were also on board.
