OIL & GAS INDUSTRIAL BILL.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OIL INDUSTRY REFORMS

•In line with global best practices and the principal aim of the Nigerian Extractive industry and Transparency Initiative (NEITI), President Jonathan recently forwarded the Petroleum Industry Bill to the National Assembly for passage into law.
•By the time the Petroleum Industry Bill is passed into law, Nigeria would have successfully broken the jinx of being a Nation where global business rules and practices are flouted with impunity. Estimated annual earnings of 680 billion dollars would be added to our Gross Domestic product. Crude oil theft and other sharp practices are also being combated with much vigor by various security and regulatory agencies on the president’s instructions.
•Furthermore, the fuel subsidy regime which had been a conduit pipe through which huge funds were siphoned from the National treasury has been subjected to forensic scrutiny by various agencies and committees set up by Mr. President in the last twelve months.
•The Aig-Imoukhuede Presidential committee on verification and reconciliation of subsidy claims and payments led to the arrest and arraignment of a number of individuals and firms by the EFCC.
•It is also on record that the president, upon receipt of the House of Representatives subsidy probe panel report, forwarded same to relevant security agencies with a firm instruction that there must be no sacred cows in the prosecution of culpable individuals and corporate entities.
•The on-going implementation of this and other reports has resulted in huge savings of money hitherto stolen by corrupt public officials.
•These are initiatives which had not been taken by any other previous government.