As Senate Joint Committee on Petroleum Sector (Downstream); Petroleum Sector (Upstream); and Fuel begins a 2-day public listening to, of a invoice for an Act to supply a authorized framework for the Petroleum Trade Invoice (PIB), Senate President, Ahmad Lawan stated the invoice was stalled for 21 years for lack of session.
In his opening deal with to declare the general public listening to open on Monday in Abuja, Lawan recalled that the previous President Olusegun Obasanjo constituted the Oil and Fuel Reform Implementation Committee in 2000, was lifeless on the spot for lack of session.
He lamented that successive administration’s efforts from the sixth Nationwide Meeting to actualise the invoice didn’t yield outcomes, whereas he expressed optimism that the ninth Meeting below his management would change the narratives.
“It’s my pleasure to welcome you all to this 2-Day Public Listening to organised by the Senate Joint Committee on Petroleum Sector (Downstream); Petroleum Sources (Upstream); and Fuel for the consideration of a Invoice for an Act to Present Authorized, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Trade, the Improvement of Host Communities and For Associated Issues, 2020 (SB. 510) in any other case often called the Petroleum Trade Invoice (PIB).
“Recall that the journey of the Oil and Fuel reforms started in April 2000 when the then President Olusegun Obasanjo Inaugurated the Oil and Fuel Reform Implementation Committee.
“The work of the reform Committee culminated into the Petroleum Trade Invoice which was later transmitted to the sixth Senate in September, 2008 and since then, efforts by successive Senate to get the Invoice handed haven’t yielded the a lot desired consequence.
“This in my very own opinion, could also be attributed to insufficient session and cooperation from stakeholders. Nonetheless, the ninth Senate in its knowledge, made the passage of the Invoice a precedence in its legislative agenda and has since together with crucial stakeholders, been working assiduously to get the Invoice handed this 12 months.
“Arguably, Nigeria’s oil and gasoline trade has skilled a number of shocks and challenges over a protracted interval because of outdated legal guidelines.
“These challenges embrace these dictated by international practices, the persistent requires the deregulation of the downstream sector, the agitation of the oil producing communities and the unbundling of the NNPC, all these, underscore the necessity for pressing legislative reform.”
Lawan maintained that the PIB, they intend to go into regulation, would overhaul a system that has refused to function optimally in keeping with international requirements, which he added, resulted in lack of continental competitiveness, transparency, accountability, good governance.
Talking additional on inherent challenges within the oil and gasoline trade, he stated: “Extra so, the challenges surrounding the longer term usefulness of petroleum sources and the elevated stage of uncertainty on oil demand calls for excellent considerations.
“It’s estimated that with the evolving of latest applied sciences, fossil gas could also be much less enticing if not of no worth within the subsequent 20 years. It’s subsequently time for us to make most advantage of our fossil gas reserves via this reform earlier than it fades away.”