Nigeria loses $15bn for non-passage of PIB bill

Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachukwu, on Wednesday said Nigeria was losing 15 billion dollars (about N2.95 trillion) annually due to non-passage of the Petroleum Industry Bill (PIB).

Kachukwu, who made this known while being screened by the Senate for ministerial appointment, said the petroleum industry would perform better if the bill was passed.

He, however, said that absence of the proposed law would not hinder operations in the industry or proposed reforms and restructurings in the sector.

"We lose over $15 billion a year as a result of non-existence of petroleum industry law; so, I will urge this senate to pass those elements of PIB where there are no much contentions.

"However, I will not be constrained by lack of PIB, so we will continue to make changes using existing laws.

"So, whether the PIB is passed lies with the legislature, not the executive,’’ he said.

Kachikwu noted that the problem with the bill was not the version, saying ‘’so, I would not be interested in creating a new version, but just make changes to what is available.

"We may need to break it down. For instance, why do we have to have a fiscal regime in the PIB rather than leaving them to tax laws so that it can move according to the market forces”.