By Oscarline Onwuemenyi
ABUJA – The Nigerian Extractive Industries Transparency Initiative, NEITI, has renewed its call for the passage of the Petroleum Industry Bill, stressing that the issue of transparency and development of the oil and gas industry and the national economy hinges on the passage of a robust and pragmatic PIB.

The Executive Secretary of NEITI, Mrs. Zainab Ahmed, who made the call in an address during the presentation of the 2006-2008 Audit Report of the Oil and Gas sector to the public, in Enugu, Enugu State, said a lot of the confusion and corruption within the sector was caused by the absence of such a law.

NEITI had picked holes in the old Bill which was before the National Assembly, alleging a plot to rip the country off by unpatriotic elements in the nation’s oil and gas industry, if the bill passes in its current state. It noted that in view of the fact that oil is the mainstay of the Nigerian economy, “the National Assembly owes all Nigerians a responsibility to promote Nigeria’s interest in the bill, protect our corporate sovereignty and secure the future of generations yet unborn.”

Ahmed therefore charged the National Assembly to ensure that the proposed Petroleum Industry Bill (PIB) should “include a requirement for operators in the oil and gas industry to conform to the tenets of transparency, accountability, good governance and due process as enshrined in the NEITI Act.”

She added that, “NEITI also looks forward to a PIB that will ensure that fiscal regimes in the Bill not only guarantees higher revenues for government and reasonable profits for companies, but also conforms to international optimal levels.”

The transparency watchdog has been at the forefront of calls for the passage of a Nigerian-centric law, which protects the nation’s interest in the exploration and production of the abundant oil and gas resources.

The NEITI boss explained that the Initiative was committed to a proactive approach in its regular audit of the extractive industry in the country, pointing out that NEITI has commenced comprehensive audit of the oil and gas industry from 2009-2010.

According to her, “All NEITI expects is for all companies in this process to disclose promptly what they have to pay to government in terms of royalties, profit tax, signature bonuses, taxes and other levies during the period covered by the independent industry audits.

“NEITI also expects government, through its relevant agencies, to declare to the auditors what they have received. It is important to state that compliance to NEITI industry audits is statutory, lawful and mandatory, failure to comply attracts sanctions.”