Nigeria Loses $200b To Non-Passage Of PIB -NEITI

NIGERIA loses $200 billion yearly due to the non-passage of the Petroleum Industry Bill (PIB), a policy brief by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed.
The brief also alerted the nation to the fact that another $15 billion is lost yearly in fresh investments to regulatory uncertainties.
With Nigeria in recession, NEITI urged President Muhammadu Buhari to take the lead and infuse urgency into the passage of the PIB as part of measures to ensure the country overcome the economic challenges.
The policy brief entitled “The urgency of a new petroleum sector law,” noted that the process of enacting a new law for Nigeria’s petroleum sector has gone on for far too long, and at an enormous cost to the country. It seeks more urgency and better coordination in getting the important bill passed.
NEITI maintained that the PIB is one of the most important bills ever to be contemplated in Nigeria’s history, yet the one that has taken the most time and generated the most activity without legislation.
NEITI stated that as an agency set up to enthrone transparency and accountability in the extractive industries, it has legitimate interest in a petroleum law for the country.