The current drive for transparency, due process and accountability in the Nigerian petroleum industry derives mainly from the desire of stakeholders that further exploitation of petroleum resources in the country should maximally benefit the overall population rather than a minority.
However, the world petroleum industry for many decades was characterized by lack of transparency in oil industry operations and management. Oil revenue receipts and management were shrouded in much secrecy in many petroleum producing and exporting developing countries, Nigeria inclusive. However, as the PIB enters a crucial legislative phase in the National Assembly, and given the earlier but failed legislative attempts, it is important that an independent evaluation of critical aspects of the bill be done as an important input into producing a robust legislation to underpin a vigorous petroleum industry development.
We address crucial issues and the relevant Transparency, Due Process, Access to Data and Accountability measures in three different drafts of the Petroleum Industry Bill; the Executive Bill (House Bill 159); the final 2010 submission by the Federal Inter – Agency Team (IAT); and the PIB 2012 official draft. It further provides recommendations on these as well as emerging issues in the sector that need to be addressed by the final Bill.
receipts and management were shrouded in much secrecy in many petroleum
producing and exporting developing countries, Nigeria inclusive.
However, as the PIB enters a crucial legislative phase in the National
Assembly, and given the earlier but failed legislative attempts, it is important
that an independent evaluation of critical aspects of the bill be done as an
important input into producing a robust legislation to underpin a vigorous
petroleum industry development.
We address crucial issues and the relevant Transparency, Due Process, Access
to Data and Accountability measures in three different drafts of the
Petroleum Industry Bill; the Executive Bill (House Bill 159); the final 2010
submission by the Federal Inter – Agency Team (IAT); and the PIB 2012
official draft. It further provides recommendations on these as well as
emerging issues in the sector that need to be addressed by the final Bill.