allAfrica.com allafrica.com 26 Jan, 2021 10:45 am

Nigeria: Delay in PIB Passage Dangerous for Economy

President of the Senate, Dr. Ahmad Lawan, yesterday warned against further delay in the passage of the Petroleum Industry Bill (PIB) as it will result in more colossal losses to the Nigerian economy.

However, at the hearing, critical stakeholders in the nation's oil and gas sector, including oil producers and host communities, kicked against certain provisions of the bill, which they called on the National Assembly to revisit before passage."Arguably, Nigeria's oil and gas industry has experienced several shocks and challenges over a long period as a result of outdated laws.5 per cent provided in the revised PIB, the Host Communities of Nigeria Producing Oil and Gas (HOSTCOM) said it won't accept anything below 10 per cent.Mike Sanger, faulted the bill for not making provisions for investment in the oil and gas sector.

"If the PIB is passed in its current form, it will not meet the government's objectives of making Nigeria the leading destination for oil and gas investment and the recent scarcity of investment, only $3 billion out of $70 billion in Africa, will continue." Communities, IOCs Oppose Bill Stakeholders, including oil producers and host communities have kicked against certain provisions of the PIB with a plea to the National Assembly to revisit them before passage.

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