Again, Senate vows to pass Petroleum Industry Bill

The Senate has reiterated its desire to pass one of the oldest bills that has passed through the twin Chamber of the Nigerian Parliament, the Petroleum Industry Bill (PIB).

Chairman, Senate Committee on Petroleum Resources (Downstream), Senator Sabo Mohammed, said the upper legislative chamber will consider and pass the bill this year.

Mohammed said this to select reporters while on oversight to the Department of Petroleum Resources (DPR) facility in Lagos where he assured staffers of the department that the Senate would rely on the expertise of industry players to pass the bill into an Act of parliament.

The bill has been in the Senate since the fourth Assembly and has suffered many setbacks while being considered.

The bill has since been broken into four other bills covering governance, environmental safety, host community etc.

Players in the industry believe the passage and consequential assent to the bill will open up the sector for expanded business operations, create employment and boost revenue for the Federal Government.

He said the Senate would in its consideration of the bill ensure it invites and receives recommendations in form of memoranda from all the critical stakeholders and is able to reach an understanding on the contents of the proposed bill.

His words: “We are here to interact with you. We’ll like to confirm to you our intention to pass the PIB this year. We want to hear everybody and hope it will be signed this year. It is for our own good as well as the industry,” he said.

Receiving the lawmakers, on their first committee oversight to his department in the 9th Assembly, Director/Chief Executive Officer of the Department of Petroleum Resources, Sarki Auwalu disclosed that the agency under his watch generated N2.4 trillion into coffers of the Federal Government in 2019, as part of its mandate as a revenue generation agency.

ALSO READ: Coronavirus: Nigeria to bar vessels carrying infected persons from berthing at seaports

He said this was achieved despite the challenge of oil theft which would be reduced with the digitisation of its operations

Explaining why crude oil theft was still high, Auwalu said that the theft occurred mainly at the five land terminals out of a total of 28 terminals.

He also noted that the theft was reducing since it began to barge the operations.

He assured the lawmakers that the DPR will continue to create opportunities for both local and foreign investors.

According to him, the DPR has the digital technology required to surpass its current performance as it fully digitalises its operations.

“The department sees itself as opportunity agency for foreign and local investors and one poised to help government actualise its goals.

“We recognise that this is the digital age, so that data can be easily assessed for government and the people.

“We consider this visit not only as an oversight but we believe your visit will enable us to do more,” he said.