NNPC pledges to assist National Assembly in passage of PIB By Kingsley Jeremiah, Abuja

By Adoga Michael Oyi


The Group Managing Director of the Nigerian National Petroleum Corporation ( NNPC) , Maikanti Baru , has pledged commitment to the passage of Petroleum Industry Bill ( PIB) .Baru , who spoke yesterday in Abuja, said the corporation would do everything possible to ensure that the lawmakers avoid making mistakes in the bill .
He added that it would give considerable time and efforts to the issue , in the interest of the nation .According to him , the group is specifically interested in the aspect of the bill that is directly linked to fiscal terms , because of the level of investment it could attract .
The NNPC chief spoke at a consultative meeting with consultants to the National Assembly.The lead consultant and former Director of the Department of Petroleum Resources ( DPR ) , Osteen Olorunsola , led his team to the meeting.
Baru challenged the consultants to take a comprehensive look at the issues in the oil and gas sector , and make bold recommendations that could engender enduring reforms .
He said with the passage of the Petroleum Industry Governance Bill , which deals with the governance structure of the industry by the National Assembly, the remaining two segments of fiscal terms and host communities would require extensive consultation .
This , he , said was necessary to aggregate views and opinions of industry stakeholders to strike a balance that could attract investments .It would also ensure a decent government - take in terms of oil and gas revenue.On the fiscal terms , Baru said the major complaint by operators in the industry was that of multiple taxations.
He explained that these include statutory contributions to the Niger Delta Development Commission ( NDDC ) , the Nigerian Content Development and Monitoring Board ( NCDMB ) , as well as sundry expenses on security .
He said : “ We have to be able to design a system that works . If the three per cent , 13 per cent or any other statutory allocation for development is not working , then we should not be afraid to recommend a percentage that could work.“ This would replace the present system , where operators pay multiple taxes and yet pay much more extra to secure their investments .”