PIGB to curb theft, revenue loss in Nigeria’s oil sector – NEITI

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The Nigeria Extractive Industries Transparency Initiative (NEITI), Sunday, commended the National Assembly for the passage of the Petroleum Industry Governance Bill (PIGB), stating that the Bill would stem the massive loss of revenue recorded in the petroleum industry, arising from corrupt practices and process lapses, Vanguard reports.

NEITI, in a statement in Abuja, said its previous reports in the petroleum industry had also revealed that over $10.4 billion and N378.7 billion were lost through under-remittances, inefficiencies, theft or absence of a clear governance framework for the oil and gas industry. According to NEITI, the total cost to the nation in 2013 alone was N1.74 trillion largely as a result of the absence of a new law.

It said, “NEITI is optimistic that with the new governance law for the industry, these huge revenue losses to the nation as a result of process lapses and outright stealing will be strictly checked if not eliminated.” NEITI noted that the decision of the Senate and the House of Representatives to consider the Bill as priority resulting in its eventual passage is bold, courageous and progressive, especially given the challenges the bill had passed through in its legislative journey for over ten years.