The group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Andy Yakubu, has challenged the National Assembly (NASS) over the continued delay in the passage of the Petroleum Industry Bill (PIB), attributing non performance of the oil and gas industry to the absence of a holistic petroleum industry law.
Yakubu declared that the major challenge facing the industry today was how to arrive at a consensus on the PIB which has been with the NASS for several years.
The GMD who raised the concern at the 2013 conference of the National Association of Energy Correspondents (NAEC) in Lagos, said the industry was gravely challenged by pipeline vandalisation which over the years has threatened stable petroleum product supply across the country as well as disruption of in-flow of revenue to the nation.
Yakubu, who was represented by Dr Madazu Bako, General Manager, NAPIMS, wondered why a nation should tinker over a well thought out bill that would produce a phenomenal positive change in an industry that has the potential of transforming the country.
He said the conference with the theme ‘PIB: Harmonisation and Implementation for Economic Growth’ was apt and timely as it provided stakeholders the opportunity to work to devise appropriate modalities to arrive at a consensus on the subject.
According to him, it is by being able to have a harmonised position on the Bill that the nation can expect an industry legal framework that would support the growth of the oil and gas industry for many years to come. He declared, “The position of the NNPC on the PIB is well known already, which is that our corporation wholeheartedly supports the Bill.”
Yakubu stated that the corporation cherished the Bill’s major objectives which he said is in tandem with the NNPC’s yearnings and aspirations. He said the Bill was bound to make NNPC a profit-driven entity and create a level playing field in the downstream sector.
Information from Leadership was used in this report.