Speaker of Nigeria’s House of Representatives, Hon. Femi Gbajabiamila, has given assurance that the Petroleum Industry Bill (PIB) currently being considered by the House will be passed in April this year.
In his remarks at the public hearing on the Bill at the instance of the House’s Ad hoc committee on the proposed law on Wednesday, the speaker while giving the assurance, however said that the speed of passage would not diminish the thoroughness members were expected to give to the bill.
“We intend to pass this bill by April. That is the commitment we have made. Some may consider it a tall order. But we will do it without compromising the thoroughness,” he stated.
The speaker further assured that in spite of several vested interests and opposition against the Bill, the House will ensure that the interest of Nigeria and its citizens are well protected in passing it.
On his part, Minister of State for Petroleum Resources, Timipre Silva, expressed happiness that after 20 years of its introduction to the National Assembly, the current Senate and the House of Representatives have shown determination to pass the bill into law.
Also making remarks, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, (NNPC), Mele Kyari, countered the widespread notion that fossil fuel may be losing relevance soon, expressing optimism that oil will still be relevant in the next 30 years.
According to him, passage of the PIB into law will bring about the needed vigour and transparency that would in turn engender productivity in the petroleum industry.
On his part, Chairman of Federal Inland Revenue Service (FIRS), Mohammed Nami, noted that “the bill when passed into law will promote economic growth and make the petroleum sector competitive”, adding that “FIRS is in total support to develop the oil and gas industry in line with the international best practices”.
Titled; “A Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities and for Related Matters, President Muhammadu Buhari had on September 20, 2020 retransmitted the PIB to the National Assembly, after two decades of multiple setbacks.
