The Publisher of TheNewsGuru.com and the chief host of the ongoing #TNGPIBConfab (Register for event here) on Wednesday has urged the federal government not to waste anymore time in enacting the Petroleum Industry Bill law.
Mr. Bayagbon who made the remarks while delivering a welcome speech at the confab entitledntitled, ‘PIB: finally getting it right and breaking the 20-year hiatus’, stressed that impact of a lack of a well thought out law to regulate the Petroleum Industry is seen daily in our lived reality.
His address in full: “Management and staff of TheNewsGuru.com heartily welcomes you all to this very important epochal colloquium. WE are glad you have joined us in this attempt to up the momentum for the final passage of the Petroleum Industry Bill. This is a bill over which we have danced on the same spot for over 20 years, while hoping for some miraculous transformation of our petroleum industry.
“Under four presidents, we have made four attempts to enact a Petroleum Industry Bill, seemingly unmindful that the nation’s oil industry is at its worst state and needs urgent intervention. The fallout of our failure to enact this governing law for the industry, and the emergent global realities, have seen divestment by oil majors; we are still unable to refine fuel for local use; there has been no sustainable investments that could act as a cushion and a catalyst for economic growth. Rather, we have, without shame, frittered away the humongous wealth oil has brought our way in the last 50 years.
“For us, as journalists and Nigerians, we have watched with shock, over the years our lack of seriousness as a people, and a country, in enacting this law. Attempts after attempts by the National Assembly to enact this law have been crushed by self-centred cliques whose sole aim is leaving the oil industry in the comatose state that it is, so that unbridled corruption and their profligate lifestyles can continue at the nation’s expense. In the absence of the law, the Nigerian National Petroleum Corporation is still a crawling toddler compared with other state owned national corporations established the same period with it.
“At best, we are 30 years late. For while we dilly dallying, the rest of the world has moved on.
“Most of Nigeria’s political and economic problems today can be traced to our foolishness in handling our oil wealth. We did not reinvest into the productive sectors. Apart from that every single productive industry in Nigeria has been killed. Where today are the Michelins, the Dunlops, Beecham, the Volkswagen, the Tata industries? Where are the textile mills? where are all the so called import substitution industries which employed hundreds of thousands of our people?
“The impact of a lack of a well thought out law to regulate the Petroleum Industry is seen daily in our lived reality. That is why anytime, there is a little hiccup in the crude oil market, of all the nations of the world producing petroleum products, it is Nigeria economy that goes into a tailspin, and throws our people deeper into excruciating poverty. Being number 11 global oil producer has brought upon us a peculiar wasteful profligacy, a foolish assumption that we are a rich nation whose wealth is everlasting. Despite the reality on ground, which has seen our Naira depreciate to an unbelievable N500 to the dollar in 30 short years, we are still trudging on, head buried in the sands, pretending all is well. But all is definitely not well.
“TheNewsGuru.com, as a major media platform, given the social responsibility of the media, cannot but intervene at this time. Nigeria cannot waste anymore time in enacting the PIB law, flawed as even the current bill is. It is a starting point to a possible better future management of revenues from our oil wealth. The time is now. Thank you