20180408

Nigeria Has Lost As Much As $200Billion To PIB?

Nigeria lost not less than $200billion in eight years to non-passage of the Petroleum Industry Bill (PIB), the Nigerian Union of Petroleum and Natural Gas workers (NUPENG) has stated.

Immediate national president of the union, Comrade Igwe Achese, stated this at the 4th quadrennial delegates’ conference held in Port Harcourt, the Rivers State capital at the weekend.

Achese said the delay has scared away foreign investors with plans of coming into the country to do business while some other existing companies shutdown operation.

He called on President Muhammad Buhari to expedite actions in assenting to the bill for it to become effective for operation.

Achese said: "We commend the National Assembly for the passage of the governance aspect of the PIB. The Senate had earlier passed it last year while the House of Representatives followed suit in the 2018.

“We are sure that the president shall assent to the bill as soon as practicable now that the National Assembly has harmornised it.

“Our prayer is that it should be speeded up without further delay as the nation lost about $200 billion investment as a result of the delay in passing the bill in the last eight years.”

He said the passage of the PIGB will “restore investors’ confidence and transparency in oil and gas sector of the economy and attractive business and employment to both the country and the unemployed Nigerians.”

The Nation reports that the former NUPENG president regretted some other critical aspects of the bill, especially those to do with the environment, finance and host communities were unattended to by the lawmakers.

These omitted aspects, according to him, were equally important for the smooth operation of the aspect already passed.