Nigerian Journalists Call For Stable PIB – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

Nigerian News

Nigerian Journalists Call For Stable PIB

Published

on

Nigerian Journalists Call For Stable PIB

Nigerian journalists have called on President Muhammadu Buhari to reconsider his stance on the Petroleum Industry Bills (PIB) in the interest of the nation’s oil and gas sector.

The Pen pushers clearly declared that the president’s none assenting to the bill would jeopardise Nigeria’s economic progression and reform policies as many foreign investors were likely to divert their business interests away from the country.

Rising from the one-day workshop on PIB organized for members of Nigeria Union Journalists (NUJ) from the Southern zone, the journalists maintained that speedy approval of the Bill would increase Nigeria’s competitiveness in the global energy market.

In a communiqué issued at the end of the one day workshop held at Ibom Hotel and Golf Resorts, Uyo in Akwa-Ibom state and signed by the union’s National President and Secretary respectively, Chris Isiguzo and Mallam Usman Leman, the media practitioners said the delay in the reform process would endanger the survival of the petroleum industry in the current ecology of the oil market.

Nigerian journalists in the communiqué further pointed out that, the economic abyss of Venezuela, a country with the highest proven reserves in the world was a telling example of the consequences of the lack of political will to conform to international best practices.

They also noted that the country risked the tendencies of falling into worst economy downturn if the policy makers failed to learn from Venezuela experience and change course immediately.

“President Muhammadu Buhari’s decision to decline assent to the Petroleum Industry Governance Bill (PIGB) represents a setback to the buildup of momentum from 18 years of efforts to introduce policy reforms to the Nigerian Oil and Gas sector. We call on the President and the National Assembly to swiftly resolve the contentious issues raised about the Bill.

“Non-assent to the Bill has further thickened the atmosphere of uncertainty that is costing the sector trillions of naira in withheld and diverted foreign direct investments.

“The complacency that has informed the hesitation of key actors to embrace policy reforms stems from the erroneous belief that the reform can wait.

“The fall of Venezuela’s economy, the country with the highest proven reserves in the world, into an economic abyss is a telling example of the consequences of the lack of political will to conform to international best practices.

“Nigeria presently embodies most of the key endemic and structural dysfunctions that occasioned the devastation of Venezuela. If decision makers fail to learn from that nation’s experience and change course immediately, Nigeria risks the prospect of falling into similar ruin”.

Nigerian media practitioners however, urged the federal government and National Assembly (NASS) to expedite action on the passage of the three remaining components of the Bill would, emphasising that its outcome will guarantee “win-win gains” for the citizenry.

Stressing that no other sector has sufficient revenue generation capacity to drive the diversification of the the Nigerian economy, the journalists were also of the opinion that revenues generated from the oil sector is enough to diversify the economy.

“The reforms would pave way for the inflow of capital investment to stimulate our transition to a future without oil”.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigerian News

IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

Published

on

By

IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

The ability of airlines to forecast and avoid turbulence would now be greatly enhanced as the International Air Transport Association, IATA, has inaugurated a turbulence aware data resource.

IATA said the system would pool and share turbulence date generated by participating airlines. The global body for airlines said before now, airlines had to depend on reports and weather advisories from pilots to offset the impact of turbulence.

IATA says the result would be the first global, real-time, detailed and objective information for pilots and operation’ professionals to manage turbulence.

It is expected that airlines operating in Nigeria would participate and benefit from this new system.

Continue Reading

Nigerian News

Oil Price Stability Buoys Nigeria’s Budget Benchmark

Published

on

By

Oil Price Stability Buoys Nigeria's Budget Benchmark

Nigerian budget benchmark appears buoyed by oil price stability as a result of cuts in production levels to which OPEC members have agreed.

The benchmark of sixty dollars was eroded by sustained drops in price. The high for the year was eighty-six dollars which dropped to about fifty-eight dollars last week.

It rebounded to sixty-two dollars per barrel last week, just as the federal executive council was to hold an emergency meeting on how the price drops would affect the Nigerian budget.

Opec countries had agreed to reduce daily production by eight hundred thousand barrels, while non-OPEC members decided to reduce production by four hundred thousand barrels per day.

Continue Reading

Business News

CBN And MTN Plan To Settle $8b Rift Out Of Court

Published

on

By

CBN And MTN Plan To Settle $8b Rift Out Of Court

It seems as though the Central Bank of Nigeria and telco giant, MTN, are trying to find ways of resolving the $8 billion rift between them. One of MTN’s lawyers is quoted as saying they are making moves toward an out-of-court settlement.

Meanwhile, counsels for both parties have secured another adjournment until late January.

Another $2 billion case involving MTN and the Nigerian attorney general’s office was adjourned as well last week until early January.  This case is related to alleged back taxes owed by MTN.  The telco giant has denied it owed the taxes.

The $8 billion case was a result of a charge against MTN for allegedly violating Nigeria’s extant laws.  In August, Central Bank of Nigeria sanctioned MTN Nigeria for allegedly using irregular certificates of capital importation to transfer $8.1 billion to South Africa on behalf of its offshore investors.

MTN is being asked to return the $8.1 billion to Nigeria.

Mtn group’s Nigerian operations account for one-third of its entire African market share.

Continue Reading

TRENDING

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: