PIB: Oil Producers Appeals to Senate President for Due Consideration
Caroline Ameh
The Chairman Oil Producers Trade Section (OPTS), and the Managing Director/MD Total, Mr Mike Sangster has urged the Senate President, Senator Ahmad Lawan to consider the concerns of investors in the ongoing amendment into the Petroleum Industry Bill by creating favourable business environment for the oil producers trade section.
The chairman Oil Producers Trade Section OPTS and Managing Director Total, Mr Mike Sangster stated this during a courtesy visit paid on the senate president,senator Ahmad Lawan in Abuja.
Mr Mike Sangster said if the PIB is passed in its present formulation would not be favourable to investors in areas of multiple tax system amongst others.
Mr Sangster said that Oil Producers Trade Section is ready to support the Federal government in the country’s economic drive.
He disclosed that the opts concern on the PIB,is significantly on the increase of the administrative policies and its burden for strict compliance on the side of the oil producers Trade section, such as dual tax system, multiple terrains, deconsolidated tax filings and many more.
The chairman also alleged that the exercise lacks clear formulation of legislation needed to minimise the risk of future disputes.
He maintained that the bill lacks clear and certain dispute resolution mechanisms which are needed to strengthen investor confidence.
Responding the senate president, senator Ahmad Lawan said that the ninth Assembly was ready to pass the PIB, in a way it would attract investors and make the business environment friendly to both the investors and the Host communities.
Senator Lawan disclosed that many countries in Africa are also producing oil, and government would want to remain attractive to investors by producing a piece of legislation that is friendly for business to thrive.
He further noted that he was aware of the cost oil production in Nigeria as compare to other places, like Saudi Arabia where it spends less to produce a barrel.
Recall, the reforms into the petroleum industry in the country has been going through tough times for many many years due vested interest by both local and international groups who often sabotage the effort of government in that regard.
It is however not certain this current amendment would end, but the ninth Assembly has promised to pass the bill no matter the pressure from the outside forces.
