The Executive Secretary of Nigerian Extractive Industry Transparency Initiative (NEITI), Mr. Waziri Adio, has disclosed that the delay in passing the Petroleum Industry Bill (PIB) may have cost the country over $200 billion, according to reports.
Adio stated this at a symposium on the Next Steps for PIB convened by NEITI in Abuja. A worried Adio explained that the inability of the country to have a new petroleum sector law in place has led to lack of clarity and inadequate transparency mechanisms leading to the more than $200 billion loss in eight years.
The NEITI boss explained that Nigeria is increasingly in competition for oil and gas investments with many other African countries, not to talk of other oil jurisdictions.
He commended the 8th National Assembly in getting the Petroleum Industry Governance Bill (PIGB) passed within two years. But despite the passage of PIGB by the National Assembly, he said there is still much work to be done in the three other bills still pending, adding that at the end of the day, ensuring effective implementation of the resultant laws in ways that will reposition and transform the oil and gas sector to become a real blessing, and not a curse, for the people is of utmost importance.