Nigeria lost $200bn to non-passage Of petroleum industry bill In 8 years – NUPENG

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The former National President of the National Union of Petrleum and Natural Gas workers, (NUPENG), Comrade Achese Igwe has said that Nigeria lost at least $200 billion in eight years due to non-passage of the Petroleum Industry Bill (PIB).
Achese disclosed this at the 4th quadrennial delegates conference of the union held in Port Harcourt at the weekend.
He ntoed that the delay in the passage of the bill became a disincentive to the development of the Nigerian economy as it stifled direct foreign investment in the country and also resulted in the folding of existing companies.
He landed the National Assembly for the passage of the governance component of the PIB and called on President Buhari to quicken the operations of the Bill by assenting to it.
“We believe that the president shall assent to the bill without delay, now that the National Assembly has harmonized it”.
While listing the gains of the petroleum Industry Governance Bill (PIGB) to include, restoring investors confidence and transparency in the oil and gas sector, employment generation and a virile business climate, he faulted the removal of the clause on environmental and host communities’ concerns.
Speaking at the event, President of the Nigerian Labour Congress, (NLC), Comrade Ayubo Waba, commended NUPENG for a successful congress, which he described as a transparent process.
The NLC president urged the National Assembly to pass the National Minimum Wage Bill to enhance the living standard of workers.
He cautioned against a plot to bring workers issue to the concurrent legislative list, noting that such decision will breed crisis. He vowed to mobilise Nigerian workers to resist any attempt to undermine the prospect of workers by transferring the issue to the concurrent list.

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