NASS urges Buhari to urgently transmit PIB for quick passage

Yakubu Dogara, Speaker of the House of Representatives, on Monday urged President Muhammadu Buhari who doubles as the Minister of Petroleum to immediately transmit a bill to the National Assembly on how his administration intends to reorganize the petroleum sector.

The Speaker also signaled that the NASS could review the Fiscal Responsibility Act to streamline budgetary processes and achieve strict adherence to timeliness for budget presentation and passage.

Speaking at a two-day National Dialogue on Economy, Security and Development in Abuja, Dogara noted that the Petroleum Industry Bill (PIB) is one of the most important pieces of legislation that would improve the national economy, especially as oil and gas still accounts for over 70 percent of our foreign exchange earnings

Dogara specifically, harped on early introduction of the bill, which he said would lead to early passage.

The PIB, which has had a chequered history, was first introduced to the 6th Assembly but was not passed.

In the 7th Assembly, a private member’s bill was introduced in the first month of that Assembly but the last administration informally indicated that it would prefer an executive bill, which took over two years to materialise. It was, however, passed by the House of Representatives in the twilight of its tenure without the Senate concurring.

The event, organised by the National Institute for Legislative Studies (NILS), drew key players in the public and private sectors of the economy.

The Speaker said the passage of the bill is necessary because oil and gas still accounts for over 70 percent of the nation’s foreign exchange earnings in spite of the rapid fall in oil prices.

He said: “In this regard, may I call on the President as the Minister of Petroleum to as a matter of urgency transmit a Bill to the National Assembly on how his administration intends to reorganise the Petroleum Sector.

“Investment decisions in this field cannot continue to wait. Clarity on the legal framework for Oil and Gas in Nigeria is crucial to our economy. Contrary to the assertion that the size of the Bill is the problem, the fact is that an early introduction will lead to an early passage”.

Dogara canvassed for review of the Fiscal Responsibility Act to streamline budgetary processes and achieve strict adherence to timeliness for budget presentation and passage.

Speaking during his screening at the Senate recently, Minister of State for Petroleum and Group Managing Director, Nigerian National Petroleum Corporation (NNPC) revealed that Nigeria loses $15billion in investments annually due to non-passage of the PIB.

Chairman, Senate Committee on Petroleum Resources in the 7th Assembly, Senator Emmanuel Paulker, had earlier posited that the bill was too complex to be introduced as a private member bill.

In his keynote address, Senate President, Bukola Saraki, assured that the National Assembly would work closely with the executive arm of government in confronting challenges in the country in order to achieve the desired goals of inclusive growth and development.

Represented by the Deputy Senate President, Ike Ekweremadu, the Senate President said parliament would contribute to an economic reform agenda aimed at expanding the economic space for business; ensuring private sector involvement infrastructure development, technology integration and modernisation of the regulatory environment for ease of doing business and the protection of consumers.

Saraki said the Senate would create the necessary legal environment for private sector investment to thrive and participation in the infrastructure market through regulatory reforms that are less cumbersome, with greater transparency and Rule of Law.

He further assured that the 8th Senate would lay emphasis on legislations bordering on security of investment and private sector equity, infrastructure financing, innovation and credit and improving business regulation climate.

 

OWEDE AGBAJILEKE