Oil and Gas (6): PIB - Will It Ever Be Enacted?

This Day

18 November 2011

Oil and Gas (6): PIB - Will It Ever Be Enacted?

Nasir El-rufai.  Email: nasir.elrufai@thisdaylive.com

Most discerning Nigerians would know one thing: that once a bill that is submitted to the National Assembly refuses to be enacted into law after three years of intensive pressure, then there is more to it than meets the eye. The economy – and financial security of our country for the time being depends significantly on oil revenues, yet a bill that is supposed to consolidate and protect Nigeria’s interest in the exploitation and management of its oil and gas wealth – the Petroleum Industry Bill (PIB) is yet to be passed after nearly three years with the National Assembly.

At the moment, no less than three different versions of the bill are said to be in existence, two of which are very highly watered down versions of the original. What is going on?