TheCable

Speaker of the Federal House of Representatives, Aminu Tambuwal, has promised that the lower chamber would pass the Petroleum Industry Bill (PIB) within four months.

This is the first time a chamber of the national assembly is committing to a deadline.

The omnibus bill for the petroleum industry, which intends to transform the oil sector in ownership, structure and fiscal terms, has been on and off the table since 2007.

Tambuwal set the four-month timeline during an interactive session at the end of the second day of the 2nd Nigeria Gas Conference in Calabar, Cross River State.

Earlier while declaring open the summit, titled Developing A Sustainable Gas Economy, Tambuwal spoke of the need to promote a zero gas flaring regime and its attendant impact on the environment.

He observed that with oil reserves estimated at between 22 and 35.5 billion barrels and natural gas reserves estimated at 187 trillion cubic feet, Nigeria should be enjoying higher incomes and diversity of utility from gas than oil.

However, he lamented that even within the petroleum sector itself, gas, which has higher volumes of reserves, has, over the years, been neglected; and it has only been recently receiving belated attention.

“The direct and multiplier effects of a sustainable gas economy cannot be overemphasised: power generation, agriculture, industry, transportation; and even our households will all be positively impacted by the additional bonus of a cleaner environment and conservation of our forests,” he said.

“Much is expected from the gas sector. In the last few years, some progress has been made but I believe — and most Nigerians will agree — that this still falls far short of our collective expectations.”

Tambuwal underscored the role of legislation in driving development in the oil and gas sector, saying: “The primary legislation in the oil and gas sector, the Petroleum Industry Bill, is currently under consideration by the National Assembly.

“The House of Representatives has subjected the bill to serious scrutiny and is committed to passing it within the next few months.

“Let me assure Nigerians that the House of Representatives is very conscious of the great impact that gas will have on our economy if well-harnessed; and will therefore execute her legislative and oversight responsibilities in this regard most assiduously.”

And speaking later at an interactive session, he set a deadline of four months for passing the bill, sparking hearty cheers from key industry players who were in attendance.