The economic crisis is Nigeria’s biggest headache today. At the heart of it was the crash in oil revenue, hence, the renewed push for diversification of not only the economy but also the oil industry.

Nigeria’s Petroleum Industry Bill (PIB) has always been identified as a comprehensive instrument for the oil sector development and diversification.

The content, in summary, pushes for a more inclusive development away from crude oil to other product lines and by-products and robust engagement between international oil companies (IOCs) and the government in the area of investment and modifications in the Joint Venture Partnerships (JVPs)/cash call obligations.

It also advocates the activation and extension of indigenous participation and local content development, just and fair engagement of the oil producing communities and transparency/accountability in the industry.

While there has been a widespread clamour for the passage of the PIB, it is also obvious that many vested interests are bent on thwarting its enactment into law unless it is first remodelled to fit their needs. This is the major reason the Bill has languished in the National Assembly for over seven years.

With our current economic challenges, we believe there couldn’t be a better time to be expeditious and nationalistic about the PIB. At $38 per barrel and N197/USD, the benchmark production of 2.2 million barrels per day (mbpd) was estimated to return N820 billion in oil revenues according to the 2016 Appropriation Bill.

But as at end of the second quarter, output was 1.4 mbpd, before a significant rebound was recorded at 1.5mbpd by the close of July. The decline was caused by militancy in the oil producing communities with demands (among other things) for a fair share of the oil revenue, which PIB was drafted to address.

The other side to the decline was the inability of the government to meet up with its JV Cash Call obligations to the oil producing companies, a development which undermined investments in the sector. Again the PIB had envisaged this and provided solutions.

As a result, not only has revenue dropped significantly, also future revenue is threatened by losses to production cut backs and declining investments.

Already Nigeria’s annualised average rig count has dropped to seven between January and May 2016, the lowest since 2009. Between 2010 and 2015, Nigeria had a yearly average of 15 active rigs.

We, therefore,call on the Executive to quickly make whatever amendments that has been holding up the presentation of the new PIB to the National Assembly.

We also urge all stakeholders agitating over the said amendments to put forward their positions and allow due process – legislative, constitutional and legal – to prevail.

Nigeria can no longer afford to allow a few greedy individuals and their IOC collaborators to continue to mortgage its national interest.