OrderPaperToday – The Civil Society Legislative Advocacy Centre (CISLAC) has described the recently passed Petroleum Industry and Governance Bill as “imperfect,” but has lauded its passage by the National Assembly.
It should be recalled that both Chambers passed the harmonised version of the bill on March 28, 2018.
In a statement released by CISLAC’s Executive Director, Auwal Musa, he noted that the law “still retains some vestiges of the old order.”
He cited the Petroleum Equalisation Fund “seems to contradict the suggested policy direction for deregulation and the establishment of a single regulator for both the downstream and upstream which could be burdensome and lead to inefficiency.”
Further more, he stated that there is a “lack of clarity on the proposed 5% Fuel Levy in terms of manner and stages for collection.”
Despite these, CISLAC posits that this is the closest the country has “been to such legislation in 12 years and [it] represents our greatest opportunity to have a law that will substantially address the lack in strong and clear institutions governing the sector and address the uncertainty in the sector that have resulted in loss of revenues, absence of investment and monumental corruption.”
CISLAC observed that the passage of PIB was one of the campaign promises delivered by the present administration, indicated “in the Federal Government’s Short and Medium Term Priorities to grow Nigeria’s Oil and Gas industry.”
The organization then urged President Muhammadu Buhari to promptly assent to the bill.
Finally, the organisation called on the National Assembly to also focus on the passage of the outstanding components of the PIB, addressing Host Community Issues and the Fiscal Framework for the sector because, without them, “we cannot really say we have PIB in place.”