Lawmakers to begin debate on PIB despite executive delay

Members of the House of Representatives are set to move on with debates of their own version of the Petroleum Industry Bill (PIB), despite lingering delays by the Executive to transmit its own version to the National Assembly for further legislative action.

BusinessDay gathered that the 280-page document was jointly sponsored by Daniel Reyenieju, Femi Gbajabiamila, the majority leader in the House of Representatives and other members of the green chamber.

“The bill, which has already been gazetted by the House information and printing department, is slated to be presented for first reading any moment from now,” sources privy to ongoing bureaucratic workings concerning the bill, confirmed to BusinessDay.

The PIB scaled through third reading on the floor of the House during the seventh Assembly, was stepped down by the Senate in the twilight of the Goodluck Jonathan administration.

Kachiukwu, who doubles as the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) had said in December 2015 that the ministry would push towards unbundling the PIB, with a view to taking out its most critical elements to targeted energy development needs of Nigeria and passing them in segments.

Kachiukwu said the move was in view of the fact that the PIB in its current state had reached a legislative stalemate at the National Assembly and created an atmosphere of policy uncertainty, putting foreign direct investments into the sector on hold, with top executives of international oil companies delaying investment decisions.

Unfortunately, the executive, through the petroleum ministry, is yet to bring forward their own version of the PIB to the NASS as time drags on.

An official from the Nigerian National Petroleum Corporation (NNPC), told BusinessDay in a telephone conversation that work is currently being done in the background, by the minister and his team, to put a document together, “but for now, there is no concrete fragmented version of the PIB on ground from the ministry.

“The position of the minister during his ministerial screening at the National Assembly, is to segment PIB and pass it in bits, since the process of its passage has reached a deadlock based on its current form,” said one of the staff in the ministry, who spoke with BusinessDay on condition of anonymity since he was not authorised to do so publicly.

According to the official, “it is still a government document, and if the House of Reps have said they will go ahead with passing it the way it is, there will certainly be a point of public hearing and everybody will air their views on the matter.”

At a meeting with Christine Lagarde, managing director of the International Monetary Fund (IMF), Bukola Saraki, president of the Nigerian Senate, assured on timely consideration and passage of the PIB, which he noted would ensure efficiency and profitability of business dealings in the nation’s petroleum sector.

“We have also set in motion, activities towards reforming our oil and gas industry through legislative initiatives in order to meet international best practices,” said the senate president.

KEHINDE AKINTOLA & YANGE IKYAA