May 24, 2024
PIB: SPACES FOR CHANGE submits Memorandum to House of Representatives
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PIB: SPACES FOR CHANGE submits Memorandum to House of Representatives

By Eyo Nsima

SPACES FOR CHANGE, S4C, has presented a Memorandum to the House of Representatives on Nigeria’s prolonged Petroleum Industry Bill, PIB.

In a copy of the Memorandum sighted by The Daily, www.thedaily-ng.com, the Executive Director, SPACES FOR CHANGE, VICTORIA IBEZIM-OHAERI, stated: “SPACES FOR CHANGE | S4C is pleased to submit this memorandum in respect of the Petroleum Industry Bill 2020 (PIB 2020) and proffer recommendations to inform the ongoing legislative process by the House of Representatives Ad-hoc Committee on the Petroleum Industry Bill.
“S4C is a non-profit organization working to infuse human rights into social and economic governance processes in Nigeria. The organization works to increase the participation of Nigerian youth, women, and communities in the development of social and economic policy and also help public authorities and corporate entities to put a human rights approach at the heart of their decision making.”

She stated: “There is no better time for the passage of the PIB 2020 than now. Given the plunge in global oil prices brought about by the Covid-19 pandemic, which saw crude trading at less than $40 a barrel and triggered a 60% slump in Nigerian government revenues.

“There is no doubt that the PIB 2020 seeks to increase government revenue from oil and gas operations, and as well lay down a strengthened legal and regulatory framework for the Nigerian oil and gas industry, set up structures for the establishment of commercially driven petroleum entities; and promote transparency in the administration of Nigerian petroleum resources.”

She added: “Succinctly put, the bill seeks to address the problem of administering petroleum resources in line with global best practices, and to provide for efficient and independent regulation of the sector.”

.Details coming soon.

 

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