The Nigerian oil and gas sector has continued to suffer as they wait the PIB to be passed. The nation needs a robust legal framework to deliver its objectives and empower the oil and gas sector to compete with other markets globally.
The waiting of PIB is affecting the oil and gas industry in the country, Nigeria needs a sound legal framework that will offer guidelines on the mode of operations in the country. The framework will give guidance and attract investors globally to venture into the Nigerian market therefore introducing forex. The petroleum industry bill (PIB) was not passed before the end of previous regime and the bill is expected to be repackaged and presented to the current administration for debate before adoption. The minister for state petroleum resources and group MD of Nigerian national corporation Dr. Ibe Kachikwu indicated that the country is losing over $ 15 billion annually as a result of failure to pass the bill.
The minister indicated that it was his wish that the bill will come to the attention of president Buhari for it to be implemented and bring change to the oil and gas industry. The administration has proposed a forty five-page document on the framework bill and it largely focuses on the restructuring of the Nigerian national petroleum corporation to ease the way business is handled in the county. The House of Representatives speaker Mr. Yakubu Dogara in dictated that the national assembly will introduce a bill of the same version. However, this has not happed so far.
According to the group, MD Mr. Oyibo the delay in passage of the bill has taken a huge toll on the oil and gas industry in the country. However, with the current administration coming up with different measures to curb corruption and streamline government activities there is a high possibility that the situation will be sorted out immediately. The PIB features numerous aspects focused at financial aspect, tax laws, and institutional reforms that will help the country recover from the tough financial and economic times.