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Neiti begs Buhari to lead Pib

Neiti begs  Buhari to lead Pib



The Nigeria Extractive Industries transparency initiative (NEITI) in a brief policy has revealed that Nigeria loses $200 billion each year, as a result of the non-passage of the petroleum industry bill (PIB).

In the brief, an alert to the nation of the fact that another $15 billion gets lost every year, on fresh investments to regulatory uncertainties.

NEITI urged the Nigeria President, Muhammadu Buhari to be in lead and thrust urgency in passing the PIB, as this is part of the ways to ensure the country could overcome her economic challenges.

In the policy brief which was titled “The urgency of a new petroleum sector law”, the NEITI noted that “the process of enacting a law for the Nigeria’s petroleum sector has gone on for so long and at a very huge cost to the country, because it seeks more urgency and a better coordination in getting the important bills passed”.

It was also noted that the PIB is one of the most important bills to be ever contemplated by in the history of Nigeria and yet the one that has exhausted so much time and generated its activities without legislation.

According to the NEITI, as an agency set up to enthrone transparency and accountability, in the extractive industry, NEITI has a legitimate interest, drawn from the petroleum law of the country.

It further disclosed that the setbacks suffered by the bill were not due to poor understanding of the problems nor its deficiency in expert input, but mainly disappointment among stakeholders on “regulatory framework; power of the minister ownership and control of resources, host community benefits, environmental concerns and appropriate fiscal regime and in the process, all administrations have produced their own PIB draft(s), but not the law’’ it says.

NEITI further stated that looses incurred by the economy have been really high; the hemorrhage on Nigeria’s foreign reserves and value of naira due to the importation of over $26.4 billion worth of refined petroleum products that should have been done locally and loss of jobs in hundreds of thousands by Nigerians.

NEITI added that, there is no evidence that Nigeria has learnt from its past experiences to guarantee a difference in the present journey.

They further recommended the task of an inclusive team as the President, Buhari takes the lead and charged with building consensus among the stakeholders.

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