Nigeria’s PIB to be ready in 2 months – Senate - Living Environment

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Wednesday, February 24, 2021

Nigeria’s PIB to be ready in 2 months – Senate

 


The Chairman, Senate Committe on Petroleum Industry Bill(PIB), Senator Sabo Mohammed Nakudu, has assured the nation that the National Assembly (NASS) would pass the much-awaited PIB in next two months. He gave the assurance in Lagos yesterday during the visit of the National Assembly Joint Committee on PIB to the Dangote Refinery and Petrochemical Plants in Ibeju-Lekki.

Nakudu said the visit of the Joint Committee was aimed at getting first hand information on what the nation’s refineries, both private and government owned requires so as to help in inculcate same into the PIB.
He said the refineries are a core of the downstream sector and cannot afford to operate in isolation.

He said he was overwhelmed at the state-of-the earth facilities at the Dangote Refinery, saying NASS will leave no stone unturned to ensure that the refinery gets the needed support required to come on stream as soon as possible.
He noted that as a country, either now or later, deregulation is the way to go.

He disclosed that with the Dangote Refinery, the country would have succeeded in saving huge foreign exchange that would go into importation of petroleum products.

Also speaking, Mohammed Monguno, Chairman Adhoc Committee on PIB, equally reiterated the assurance by Nakudu, saying the Reps were in total support of deregulation of the downstream oil sector.

Monguno who expressed delight with the level of investment by Aliko Dangote in the downstream sector said passage of the Bill would help attract more investment, generate jobs and advance the economy.

He said the refinery when operational would conserve foreign exchange (forex) used in product importation and, on the other hand, generate forex through product export.

On his part, Senator Alfred Bassey Akpan, Chairman Senate Committee, Upstream, said efforts are being made to get understanding of every stakeholder to ensure quick passage of the Bill. On deregulation, Akpan said government would not be allowed to pay billions on subsidy when infrastructure demand is high.

 

Source: The Sun

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