Omg! See How Much Nigeria Loses Yearly Due to Non-passage of Petroleum Bill

Posted by Lolade on Thu 15th Oct, 2015 - tori.ng

The Group Managing Director of the NNPC has revealed the jaw-dropping amount Nigeria is losing every year following the delay of the passage of the Petroleum Industry Bill.

Dr Ibe Kachikwu

Nigeria has been losing N3trillion worth of investment in the oil sector annually for refusing to put in place the Petroleum Industry Act due to the non-passage of the Petroleum Industry Bill (PIB).

The group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachikwu, while facing the Senate for screening as one of the ministerial nominees, diclosed this on Wednesday, October 14.

Kachikwu, who is now a minister-designate after his confirmation by the Senate, said the unfinished business about the PIB without its passage in any form over the years had created a lot of uncertainty in the oil sector, with the attendant loss of $15billion worth of investment every year.

He said: “I can tell you that the average source of volumes in investments that we are losing on an annual basis because of the lack of PIB is in excess of $15billion per year and the reason is simple: it would have been better that you didn’t start at all than to announce very flamboyantly that you are going to do PIB and step back from it.

“The non-passage of the bill, in whatever form, over the years has created a level of uncertainty that no international investor wants to grapple with. So, I will urge this revered Senate to quickly come to terms, find a way of working with us and go ahead and pass those elements of PIB where there’s not much contention.

“One of the key things that killed the previous bill was that there wasn’t sufficient engagement. Our duties as individuals in the line of progress will be to go out there and have those engagements and hopefully submit to the National Assembly suggestions that have come with people in mind; things that people can leave with. There are amendments that need to be made.” He stressed.