Abstract
Since the discovery of Crude Oil in 1875, the Petroleum Industry has gradually improved in value due to the series of valuable products gotten from crude oil. The significant impact of crude oil as a source of energy has made exportation and importation of this mineral a lucrative business around the world, having turned to be the major source of revenue for most producing countries. Crude oil has contributed to about 80% of Nigerian Government revenue and foreign exchange since 1958, making it a key player in the economic plan of the country. Its importance in Nigeria has made the Legislature introduce lots of policies and laws governing the Oil and Gas business in the country. However, Nigerians with different views over the years have clamored for an improvement of these policies to enable the benefits of Her resources fairly get to the grassroots, producing communities and states while improving foreign investment policies in the country. These demands led to the introduction of the Petroleum Industry Bill (PIB) in the year 2000. This research work attempts to review and offer recommendations for improvements to avoid future litigations, violence, conflicts, and industry fragility. This work will also elaborate on different steps taken by the Nigerian Government over the years to implement this bill, challenges faced by the Government and International Oil Companies (IOCs), Government and its citizens, and anomalies seen in the bill up till status quo.
Highlights
The petroleum industry in Nigeria holds a high stake in the country’s economic decision
Incorporated (MOPI), Nigerian Petroleum Liability Management Company (NAPLMC) and Petroleum Equalization Fund (PEF) The Petroleum Industry Administration Bill (PIAB) is tasked with the management of the production and exploration operations within the country and in trust for the country, with aims of promoting transparency during operations while making sure involved parties are accorded fair share of the day-to-day operations
The Petroleum Industry Bill (PIB) investigates the management of Nigerian Petroleum Resources, Ownership, Powers and Functions of the Petroleum Minister, Regulatory body (NPRC) for regulation of the Downstream, Midstream, and Upstream and Restructuring of the National Petroleum Corporation (NNPC) [7]
Summary
When a sector of an economy gets very significant in nation-building, laws are put in place to guide the day-today operations of that sector. In countries with a parliamentary system of government like Nigeria, the Parliament or Legislature is in charge of lawmaking. Whatever bill of relevance to the country would normally be passed by the legislative arm of government before being signed into law by the executive arm. A bill could be described as a drafted proposal of law being presented to the parliament for discussion. The PIB was first introduced to the Nigerian National Assembly in 2008 during President Goodluck Ebele Jonathan’s administration. The contents of the PIB has been debated severally at the Nigerian National Assembly since its introduction making its full passage linger till present
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