By; BAYO AKAMO, Ibadan
A Chieftain of the All Progressives Congress, (APC) and the Ajia Balogun of Ibadanland, Olooye Adegboyega Adegoke on Saturday called on the National Assembly to harmonise all the grey areas in the Petroleum Industry Bill before it becomes law.
The Ajia Balogun of Ibadanland who is a Petroleum expert made the call during a chat with newsmen in Ibadan after receiving an award of excellence on his contributions to human endavour, support to less privileged, women development and vocational training, from by the Inner Wheel Club District 913-Nigeria during the investiture of IWM Ojoele-Ayoola Sherifat Bolatito as the 35th District Chairman.
Olooye Adegoke pointed out that harmonization of the identified grey areas in the bill is necessary so as to avoid any litigation or disagreement that may arise from the passing of the Petroleum Industry Bill (PIB) into law, hence the need for the harmonisation of the grey areas by the National Assembly and the Executive
” There is the need for the House of Representatives and the Senate to meet to harmonise some grey areas. House of Representatives recommended 5% while Senate recommended 3% allocation for the host communities. Another grey area is the recommendation of 30% profit of the NNPC to be spent on frontier basins, which are mainly in the Northern part of the country”, he said.
The APC Senatorial hopeful added, ” this implies that 30% of the NNPC funds will be channelled into looking for oil and gas in those areas” stressing that part of the grey areas that need to be resolved before the PIB becomes law include 5% recommendation by the House of Representatives, 3% recommendation by the Senate to the host communities as well as the 30% of the NNPC profit earmarked to be spent on frontier basin for oil & gas exploration.
” First of all, it is a welcome development because we have been on it for several years, 17 years for that matter, but now we have been able to do something. I want to add that non-passing of the PIB has led to reduction in investment in the Oil & Gas sector in Nigeria. It is same Oil and Gas globally, so if one country is not serious, you will take your money to other countries and that’s what has been happening in Nigeria. Now it is one step forward but there are lots of grey areas in the bill to be addressed.”
Olooye Adegoke maintained further ” to me, it looks somehow in this era of borrowing from China, and that the little NNPC is making 30% of it they will be spending on Oil and Gas exploration, we are not sure of, even if we get oil from those basins, it cannot be in commercial quantity.”, adding, ” this money is supposed to be spent on infrastructure, supporting the Niger Delta where the oil is coming from. But all in all we need political solutions to all these grey areas”.
Other awardees at the event which was graced by the the Deputy Governor of Oyo State, Engineer Rauf Olaniyan, as well as an APC Chieftain in the state, Barrister Sarafadeen Alli include Senator Teslim Kolawole Folarin represented by Barrister Lowo Obisesan, Chief Funso Omokurolue and Evangelist (Mrs) Toun Soetan.