TheCable

Senate President Bukola Saraki says the upper chamber of the national assembly will pass the petroleum industry governance bill (PIGB) in tranches as a way out of its non-passage for the past eight years.

Saraki made this known at a three-day public hearing on the PIGB organised by the senate joint committee on the bill on Wednesday in Abuja.

He said the passage of the bill in tranches was necessitated by the need to unbundle its contents into manageable compartments that could be implemented in phases.

Saraki said the senate was set to pass the first tranche of the bill, while putting measures in place for the passage of other tranches.

He added that the passage of the first tranche would further tackle persistent problems associated with fiscal framework and host communities.

“This public hearing is another avenue for us to hear from the operators, regulators, experts and other stakeholders in the industry on how to move the industry forward,” he said.

“We want to move away from the way things were done in the past during the consideration of such bills, especially fiscal framework and host communities.

“We will push for greater partnership so that the bill will be a win-win for everyone; one that works for government, attractive to oil companies and takes into consideration concerns of the host communities.

“We will also tackle the issues of downstream, gas and environment. We are poised and resolved to deal with all issues related to the industry, albeit in tranches.

“As a nation we cannot afford any further delay in our effort to reform our oil and gas industry.

“The journey begins now and I assure you that we will guarantee that all of these bills are passed in record time.”

Saraki expressed concern that though the petroleum industry contributed over 90 per cent of the country’s foreign exchange earnings, existing legal, regulatory and institutional structures in the industry were outdated.

He noted that the sector had performed below expectations, adding that the development had led to the federal government and investors losing significant edge in the oil and gas investment trends.

Saraki wondered over 90 per cent of needed petroleum products were imported.