Experts commend NASS on PIB, seek quick presidential assent

Financial experts have commended the National Assembly for passing the Petroleum Industry Bill (PIB) into law after 20 years of its agitation.

They made the commendation in separate interviews with the newsmen on Friday in Ota, Ogun.

Reports said that the Senate and the House of Representatives on Thursday passed the PIB into law.

Dr Titus Okunrounmu, a former Director, Budgeting Department of the Central Bank of Nigeria (CBN), described the feat as a welcome development that would unlock investment opportunities in the sector.

Okunrounmu added that the passing of the PIB was a sign of progress for the country.

He explained that it would enhance the involvement of the private sector in the petroleum sector and reduce the monopoly of the Nigerian National Petroleum Corporation (NNPC).

Okunrounmu noted that the NNPC had been the only one extracting and exporting the nation’s crude oil as well as selling the bye-products to the country.

“By bringing the private sector into the industry, it would break the monopoly of the NNPC and address inefficiency in the petroleum sector.

“In addition, it will create employment opportunities for millions of teeming youths in the country,” he said.

Okunrounmu, however, urged the President Muhammadu Buhari on quick assent to the bill so as to kickstart development in the sector.

Also speaking, Dr Samuel Nzekwe, former President, Association of National Accountants of Nigeria (ANAN), said passing the PIB was long overdue.

Nzekwe described the decision as a right step in the right direction as it would regulate effectively the petroleum industry.

He added that it would create a strong value-chain and enhance income of the country through massive private participations.

“It will also address and resolve conflicts between the Federal Government, oil companies and the host communities to the minimum level,” he said.