PIB: Nigeria must utilise present opportunity before it is late – Reps

The House of Representatives Adhoc Committee on Petroleum Industry Bill (PIB) has reiterated that, Nigeria should utilise the opportunities contained in the Bill before it is late.

Chairman of the Adhoc committee, House Chief Whip, Rep. Mohammed Tahir Monguno made the call in his opening address at the inaugural sitting of the committee on Wednesday.

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“I am particularly alarmed that, though the exploration of fossil fuel in Nigeria dates back to the 1950s, but commercial exploration may only last for another 25 years.

“It is not to say that we might exhaust the deposit, but that the entire world is focusing on research to develop, renewable energy that could turn out to be cheaper and environmentally friendlier.

“That is why it has become expedient, more than ever to leverage on this window of opportunity that the oil exploration present to us as Nigerians, by ensurng that the Petroleum Industry Hill is passed without further delay,” he said.

He said, the journey to pass the Petroleum Industry Bill commenced in 2007 when it was first introduced on the floor on the floor of the house.

Monguno however said the passage of the bill has evaded three successive Assemblies; the 6th, 7th and 8th Assemblies.

He added that, despite efforts of the preceding administrations to diversify Nigeria’s oil dependent economy, the oil industry still remain the mainstay of its economy.

“The Petroleum Industry Bill seeks to provide for Legal, Governance, Regulatory and Iegal framework for the Nigerian Petroleum Industry, the Development of Host Communities and for related matters.

“The Bill when passed will improve clarity of structures, roles accountability, transparency and overall efficiency and effectiveness of the Institutions in the Oil Industry,” he added.

The House, at plenary on Tuesday 24th November, 2020 read the Petroleum Industry Bill (PIB) for the second time.

The Bill was referred to the Ad-hoc Committee on Petroleum Industry Bill (PIB) for further legislative action.