It was in 2007 that the Petroleum Industry Bill (PIB) first hit the headlines and the National Assembly has been inundated with calls from Nigerians especially Civil Society Groups to see the Bill passed. Determined to signpost a worthy cause, who else can do it if not the man they call in Yoruba parlance `the owner of the garment of prayer’ Senator Tayo Alasoadura.
As the Chairman Senate Committee on Petroleum Upstream, Senator Tayo Alasoadura popularly known as “Alash” was given the floor and protection by the Senate President Bukola Saraki as Alasoadura presented the Bill.
No sooner than Alasoadura started reading the rather lengthy PIB now tagged PIGB Petroleum Industry Governance Bill that Senators James Manager from Delta state and Godswill Akpabio of Akwa Ibom interrupted the train of presentation of the Akure Senator. What should have been an elation from all was betrayed by the interruption of these 2 revered PDP Senators as their shout of point of order hinged on not being properly briefed and carried along more so as representatives of oil bearing states.
Petroleum Industry Governance Bill 2016 if we recall was reported to have passed first reading on the floor of the Senate on April 13, 2016 as the upper chamber deliberated on this version of the PIB amongst other oil and gas sector issues. This version of the PIB is not a one stop shop version for all issues relating to petroleum regulation like the previous versions, but rather dwelt specifically on the institutional, thorny and governance structure of the petroleum industry.
The preamble to the Bill states that it “Provides for the Governance and Institutional Framework for the Petroleum Industry and for Other Related Matters”.
The Bill’s objectives are to: create efficient and effective governing institutions with clear and separate roles for the petroleum industry; establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensures value addition and internationalization of the petroleum industry; promote transparency and accountability in the administration of the petroleum resources of Nigeria; and foster a conducive business environment for petroleum industry operations. In line with these objectives, the Bill deals with issues affecting Ministerial powers, industry regulator, NNPC restructuring and establishment of commercial entities amongst others.
Knowing the dogged nature of Senator Tayo Alasoadura he will re-present the Bill that will benefit Nigerians and create an enabling environment. And to provide safe and secure environment for both foreign and indigenous investors to achieve viability and sustainability.
