The Nigeria Extractive Industries Transport Initiative (NEITI), in a recent policy brief, revealed that Nigeria loses $200 billion yearly due to the non-passage of the Petroleum Industry Bill (PIB). According to them, the nation loses $15 billion more yearly in investments to regulatory uncertainties.

According to NEITI, rules that are clear, policies that are predictable and regulations that are efficient have been lacking in Nigeria’s petroleum sector since the process of enacting a law for the industry begun. It says its 2013 audit of the oil and gas sector revealed that $10.4 billion and N378.7 billion (N3.2 trillion at the current exchange rate) were lost because of under-remittance, underpayments, inefficiencies, theft or absence of clear fiscal regime in Nigeria’s oil and gas sector.

NEITI urged President Muhammadu Buhari to take the lead and infuse urgency into the passage of the PIB as part of measures to ensure the country overcomes the economic challenges that it is facing.

Read more at Guardian.