The Senate President, Senator Ahmad Lawan has revealed that the Petroleum Industry Bill, PIB will ensure that Nigerians benefit optimally from crude oil production.
While declaring open a 2-day public hearing on the PIB by the National Assembly, Lawan said the bill would improve Nigeria’s revenue earnings.
According to Lawan, the National Assembly will pass the PIB and ensure that it satisfies certain conditions adding that the PIB’s non-passage had been a significant drag on the industry over the years.
Petroleum Industry Bill
The Senate President noted that it is hugely disappointing that laws enacted more than 50 years ago are used in governing Nigeria’s Oil and Gas industry.
He stressed that Nigeria’s Oil and Gas Industry must be competitive by creating a sustainable investment climate, where business in the sector will flourish.
Lawan assured that the National Assembly would deal with all issues relating to the oil and gas industry with thoroughness and effectiveness to avert colossal losses to the nation’s economy.
He added that the legislature’s determination to pass the Bill is driven by the need to overhaul a system that has refused to operate optimally in line with global standards.
The Senate President noted that the challenges surrounding the future usefulness of petroleum resources and the increased uncertainty on oil demand call for great concern.