CISLAC wants NASS pressured on PIGB passage

The Civil Society Legislative Advocacy Centre (CISLAC) has said there is need to put pressure on the National Assembly to conclude the passage of the Petroleum Industry Governance Bill (PIGB). CISLAC’s Executive Director, Auwal Ibrahim Musa, who said this in Abuja during a media round table on Presidential Assent to th Petroleum Industry Governance Bill (PIB), added that except the other two outstanding components is passed the country may be back to square one.
The event was held with the collaboration of Foster. Musa explained that the passage of the other components of the Bill has become and pass the said these became necessary for increased revenues from improved government, better environmental management and health and safety practices. He explained that the PIGB will create institutions that would be independent to properly regulate the sector.
He added that the Bill will lead to unbundling of the Nigeria National petroleum Corporation (NNPC), separating its regulatory function and establish a National Oil company that will be professionally and commercially run without interference from government. According to him, there will be increased investment across the value chain in the sector which will also stimulate increase in exploration activities. In cost and implications, he said “there was a further loss of $100 billion potentials earnings from 2010-2015 according to Mutiu Sunmonu, one time Country Chair of Shell companies in Nigeria” “SCiN indicated a loss about $30billion in delayed investment by his company alone. The NEITI ‘s figures is a loss of $200 billion yearly and another $15 billon is lost yearly in fresh investments”
Also, the Senior Program Officer of CISLAC, Kolawole Banwo noted that beyond the PIGB, other legislations which are critical for efficiency in the sector and the plight of oil producing communities remain elusive. He also called on the federal government to ensure that the oil and gas sector and the NNPC is not manipulated and the funds siphoned to fund political campaigns and the ambition of individuals as was the practice in the past. In a paper presentation by the Energy and natural resource partner, Chiagozie Hillary Nwokonko, the PIGB seeks to reform the governance of the Nigerian petroleum industry by bringing it up to date with best practices internationally thereby enhancing its competitiveness globally