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PIB will be Submitted to House of Assembly in March – Diezani Madueke

By on February 22, 2012

The Minister for Petroleum Resources, Diezani Madueke has said the Petroleum Industry Bill (PIB) will be resubmitted to the House of Assembly for deliberation in March.

The Minister disclosed this whilst speaking at the opening of an Oil and Gas conference in Abuja yesterday.

The minister stated that there was need for the President to endorse the PIB before resubmission due to the various versions of the PIB that are flying around.

She said, “A technical committee has been set up to finalise and push forward the PIB. Within the next five weeks, we should have come to conclusions with the new version of the PIB and it will then be passed again through the President for onward forwarding to the National Assembly.”

The minister also said the country was losing Oil and Gas investments to Ghana and Angola due to the non-passage of the bill as it contains fiscal regime information necessary for investors to take informed investment decisions.

She said: “PIB is yet to be passed. It contains fiscal regime and fiscal terms. That is why we have been pushing to get the PIB passed because that has been responsible for a draw back investment in offshore. That why we have been pushing to get the PIB off the ground because that has caused a draw-back in our deep offshore.

“The fact is we have to move on our own. The investments are from investors who withdrew their money. The technical committee has been set up to finalize and push forward the PIB. Within the next five weeks we should have come to conclusions with the new version of PIB and it will then be passed again through the President for onward forwarding to the National Assembly.”

The minister also spoke on the importance of the bill in addressing gas supply concerns in the country.

“As far as we are concerned, the issue of gas and sustainable supply of gas to the Independent Power Projects to ensure adequate supply of power to Nigeria is number one. It is number one in terms of the government’s transformation agenda.”

One Comment

  1. Anonymous

    February 22, 2012 at 12:14 pm

    Good.

    when the Governments begins to be responsible and take sense  .

    We are happy .
    Foreigners are welcomed to invest . there is many oil and Gas .

    Bad ones are not welcomed .

    The ones that will abuse Nigerians , her image and  our system are NOT equally welcomed . try somewhere else.

    Youths employment should be covered too.