By Gabriel Atumeyi
The Speaker of the House of Representatives, Femi Gbajabiamila, has expressed that the Green Chamber’s determination to pass the Petroleum Industry Bill (PIB) within the next six months.
Speaking on Tuesday at the National Assembly when he played host to a delegation of Oil Producers Trade Section (OPTS) under the Lagos State Chamber of Commerce and Industry, Gbajabiamila said the House would ensure that it passes a PIB that would be satisfactory to all.
He said, “On the PIB, there are two things that the House would want to do. First, the House is determined to pass the bill within the next six months, or probably less, because the clock has already started running from the time it was presented.
“Two, the House is determined to pass a PIB that is satisfactory to all. I know it’s difficult to satisfy everybody, but we will try our best to satisfy everybody,” he said.
Gbajabiamila also added that the House would ensure that it carries along all stakeholders in the draft legislation until its passage.
He urged members of the OPTS, led by their chairman, Mr Mike Sangster, to avail themselves the opportunity of working with the House Adhoc Committee on PIB to make their inputs.
On his part, Mr Sangster noted that if the Bill is passed the way it is, it would negatively affect Nigeria’s competitiveness in the global market.
He added that in the past years, the African continent attracted about $70 billion of investment to the oil and gas industry but only Nigeria got only $3bn despite being a major player continentally.
Gbajabiamila expressed concern over the submission by Mr Sangster that the PIB in its present form would not make the Nigerian oil and gas industry competitive globally.
“The PIB has been long coming. Because of the various interests, it’s difficult to pass a bill that addresses the interests of everyone. But the PIB luckily will involve local content.
“I’m very concerned about what you said that the PIB, as it is, doesn’t allow Nigeria to compete favourably in the global market.
“We’re not competitive, yet there’s the presence of oil majors here.”
He added, “We need to look at it, but I think it will be difficult to tell members that we should go back to the old arrangement that we had.
“I need to ask the question, where were you when they were making this law? Your inputs should have been there. It’s never too late for you to have your inputs.
“I’m sure the committee will do justice to the other issues you raised.”
When the Speaker sought to know from Mr Sangster if the PIB had any positives, the OPTS chairman responded in the affirmative, noting that the PIB represented the much-needed reforms in the sector.
He however noted that in its present form, the Bill “doesn’t provide the environment for future investments.”
He named other issues to include the preservation of the oil and gas business in the country, royalties, tax, how to handle NNPC’s outstanding liabilities, segregation of the upstream and downstream, complexities in the implementation of the bill, among others.
Noting that the petroleum industry had the capacity to create thousands of jobs in the next 10 years, Mr Sangster added, “We would encourage the House to reach out to other sources to have a better analysis of the PIB.”