PIB: At last Buhari signs bill, ignores threat over 3% host communities

 

 

 . Investments, transparency will now flourish in our oil, gas industry – Gbajabiamila  

. Buhari, APC display insensitivity to Niger Delta suffering -PDP 

. Signing PIB into law laudable – Iledare

.PANDEF    says signing PIB into law is ‘Callous Act’

 

President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.

Working from home in five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday August 13, the President assented to the Bill Monday August 16, in his determination to fulfill his constitutional duty.

The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled.

The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

The Senate had passed the Bill on July 15, 2021, while the House of Representatives did same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration.

PIB: Nigeria will hit 40bn barrels reserves target – OPEC

 

THE Organisation of Petroleum Exporting Countries, OPEC, Monday, said that Nigeria stands a chance to increase its crude oil reserves to 40 billion barrels, from 37 billion barrels as President Muhammadu Buhari signs the nation’s Petroleum Industry Bill, PIB, into law.

 

In a letter to the President, Secretary General, OPEC, Mohammad Sanusi Barkindo, who congratulated him, stated: “With the stroke of a pen, you have inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector.

 

“Indeed, the new law will enhance the Nigerian petroleum industry’s reputation, open the door to new investment, and ultimately strengthen its position to meet the world’s growing demand for energy. The enactment of this legislation is especially timely as the investment outlook becomes clouded by efforts aimed at accelerating a lower-carbon future.”

 

He said: “Furthermore, the new law will help harness Nigeria’s potential to achieve its programme of raising oil production to 4 mb/d and oil reserves to 40 billion barrels, while also drawing on the country’s vast natural gas reserves to provide clean and efficient energy. In addition, these resources will be vital to supplying world markets with a broad portfolio of energy options, and support global efforts to alleviate energy poverty as outlined in the United Nations’ Sustainable Development Goal 7.

 

“The passage of the PIB by both houses of the National Assembly on 16 July 2021 and your act of signing it into law coincide with another significant milestone in our country’s history – the 50th anniversary of Nigeria’s Membership of OPEC.

 

“This golden moment provides a unique opportunity to reflect upon Nigeria’s rise as a global energy supplier and partner. Since the 24th OPEC Conference on 12 July 1971, when Nigeria received a unanimous and enthusiastic welcome as the 11th Member Country of the Organization, our country has come to symbolize Africa’s leadership within OPEC and its pivotal support for global oil market stability.”

 

Barkindo, who noted that, the past year, has been a time of enormous challenges for our world, for OPEC, and for each Member Country, further said: “Yet throughout this difficult period, we have demonstrated the enduring importance of OPEC and its timeless commitment to dialogue, cooperation, multilateralism and respect among all nations.

 

“In this respect, I wish to express my sincere gratitude for your instrumental support in establishing the Declaration of Cooperation (DoC) that was agreed on 10 December 2016. We could not envision at that time how important this framework would become during the COVID-19-related market crisis. It enabled bold, swift and decisive actions to address the historically unprecedented market downfall in 2020, and it has been vital to the ongoing efforts to provide a platform for recovery and future growth.

 

“Furthermore, your support of the Charter of Cooperation, signed on 2 July 2019, has paved the way for enhanced cooperation beyond the market balancing efforts by all countries participating in the DoC. The markets continue to recognize the vital contributions that OPEC and the non-OPEC Participating Countries are making to the market’s recovery, to the global economy as a whole, and to fostering constructive dialogue.”

 

However, he added: “Mr. President, your signature on the PIB caps many years of important deliberations and detailed legislative work. I am confident the law marks the beginning of a new era of growth and prosperity that will be beneficial to the petroleum industry and ultimately to the Nigerian people.”

Signing PIB into law laudable – Iledare

 

Wumi Iledare, former President, Nigerian Association of Energy Economics (NAEE), has commended President Muhammadu Buhari for assenting to the Petroleum Industry Bill (PIB).

 

Iledare gave the commendation in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

 

NAN reports that both Chambers of the National Assembly had passed the bill on July 1.

 

A statement by president’s spokesman Mr Femi Adesina said that the president signed the bill into law as a way of fulfilling his constitutional duty.

 

According to him, the ceremonial part of the new legislation will be done on Aug. 18.

 

“That the President signed PIB 2020 into law is laudable. It is a noble act that is worthy of celebration.

 

“ Congratulations to the Presidency and the 9th National Assembly for bringing the wobbling PIB journey since 2000 to an end.

 

“ I see in the Act, investment friendly fiscal framework with a well-designed regulatory and governance institutions,’’ he said.

 

Iledare, also a professor of Petroleum Engineering, said that the next phase would be implementation without regulatory and institutional captures.

 

He called for involvement of competent professional with diverse experiences as members of the implementation Committee.

PIB: Buhari, APC display insensitivity to Niger Delta suffering-PDP 

 

 

Obiora Ifoh, Abuja

 

The Peoples Democratic Party (PDP) has berated President Muhammadu Buhari for ignoring the outcry by Nigerians across board not to sign the offensive, repugnant and anti-people Petroleum Industry Bill (PIB), as passed by the National Assembly,

into law.

 

The party notes that the signing of the law, despite widespread public rejection, amounts to endorsement of imposition and further confirms that President Buhari and his All Progressives Congress (APC) have no iota of respect for the people as well as the tenets of democracy as a system of government.

 

PDP’s National Publicity Secretary, Kola Ologbondiyan in a statement, Wednesday said, “by his action, President Buhari has only authenticated that he is not a listening leader and that the APC and its leaders are only out to trample on the will of Nigerians for their selfish interests.

 

“In putting his hands to endorse the obnoxious bill, even with its distasteful, paltry and provocative 3% revenue to oil producing communities, President Buhari and the APC have again displayed disdain and insensitivity to the sufferings of the people of the Niger Delta.

 

“The PDP holds that such is the height of contemot to oil producing communities, particularly in the face of the challenges which they face as a result of oil exploration.

 

“Noting that Mr. President could have returned the bill to the National Assembly with a request that it is made to address the demands of the oil producing communities, our party fears that the new law cannot guarantee the desired stability and development in the oil and gas sector as well as respite in the Niger Delta region.

 

“If anything, the Act as signed by President Buhari is a dangerous recipe for avoidable crisis in the sector.

 

“The PDP calls on President Buhari to salvage the situation by immediately forwarding an amendment bill to the National Assembly to reflect the true wishes and aspirations of every segment of our nation.

 

“While calling for calm across the country, particularly the South-South geo-political zone, the PDP also charges lawmakers elected on its platform to be at alert even as preparation must be commenced for an urgent amendment to this law.”

 

Investments, transparency will now flourish in our oil, gas industry – Gbajabiamila ….hails Buhari for signing PIB

 

Jonas Ezieke, Abuja

 

Speaker of the House of Representatives, Hon. Femi Gbajabiamila, has said that Nigeria’s oil and gas industry will now receive a breath of fresh air and allow investments and transparency to flourish with the coming into being of the Petroleum Industry Act, 2021.

 

The speaker reacted on Monday after President Muhammadu Buhari assented to the Petroleum Industry Bill, which has become an Act of the National Assembly.

 

In a statement by his Special Adviser on Media and Publicity, Mr Lanre Lasisi, in Abuja, Gbajabiamila noted that the coming into being of the law was a victory for Nigerians and a landmark achievement that ended the two-decade-long journey of the PIB.

 

Gbajabiamila said when massive investments come in as a result of the PIA, a lot of Nigerians will gain employment.

 

The Speaker said he was optimistic that with the coming on board of the PIA, Nigerians will also benefit from reduced fuel prices as there would be competition among the industry players.

 

The speaker praised the determination of the 9th Assembly that saw the Act become a success and commended the synergy between the Executive and Legislative Arms of Government that won the victory for Nigerians.

 

“As I said before, this is a landmark achievement. It has been 20 years in coming.

 

“This 9th Assembly will be recorded on the right side of history for this big score”, he stated.

 

Gbajabiamila added that the oil and gas industry could only fare better with the Act, calling on investors to take full advantage of the opportunities that the new law provided.

 

The PIA provides the legal, governance, regulatory and fiscal framework for the country’s oil and gas industry.

 

It also makes provisions for the development of host communities by creating a Host Communities Fund, and further exploration of petroleum resources in the new frontiers.

Leaders of the Niger Delta region under the aegis of Pan Niger Delta Forum (PANDEF) has described the signing into law of the Petroleum Industry Bill (PIB) as a “callous act.”

President Muhammadu Buhari signed the PIB into law today at his official residence at the Presidential Villa, Abuja.

Hon. Ken Robinson, National Publicity Secretary, Pan Niger Delta Forum (PANDEF), in a statement on the development, said: “The Niger Delta people will speak, shortly, after full consultations, on this callous act, on the best legal and political response.”

See the full details…

PANDEF’s Reaction to President Buhari’s signing of the PIB into Law

It’s quite unfortunate that President Muhammadu Buhari went ahead to assent to the Petroleum Industry Bill, despite the overwhelming outcry and condemnation that greeted its passage by the National Assembly, especially with regards to the paltry 3% provision for the Host Communities Development Trust Fund and the brazen appropriation of an outrageous 30% of NNPC Ltd profit for a dubious, nebulous ‘Frontier Oil Exploration Fund’.

 

 

This PIB falls way short of the expectations of the Oil and Gas Producing Communities, that bear the brunt of unconscionable industry operations.

This assent, by President Buhari, simply speaks to the repugnant attitude of disregard, propelled by arrogance, disdain and contempt with which issues concerning the Niger Delta Region are treated, particularly, by the present Administration.

What this act signifies is an unequivocal message to the Niger Delta people that how they feel and what they say, do not count, at all, in the Schemes of the Nigerian Project.

That’s insensitive,  abominable and afar every boundary of proper Democratic practice, and, therefore, unacceptable to the good people of the Niger Delta, the critical economic nexus of the entire Nigerian territory.

The Niger Delta people will speak, shortly, after full consultations, on this callous act, on the best legal and political response.