Delay in passage of PIB harming economy – Senator Nwaogu

Cover of the PIB08 June 2013, Abuja – Senator Nkechi Nwaogu, the chairman, Senate Committee on Gas, is of the view that the current delay in passing the much-awaited Petroleum Industry Bill, PIB, into law was harmful to the Nigerian economy.

Nwaogu, representing Abia Central in the Senate, spoke of the determination of the Senate to ensure speedy resolution of all issues surrounding the Bill as she said the delay in the passage of the Bill was specifically harming the gas sector.

She stated that the development of the the gas sector had been slowed down by the development, maintaining that Nigeria is endowed with over 187 trillion cubic feet, tcf, of natural gas, ranking it eighth in the world in gas reserves.

Moreover, according to her, Nigeria is projected to reap about N15 trillion from gas by 2015, a potential that might become unattainable without the unbundling the sector as proposed in the PIB.

Nwaogu maintained that the PIB contained adequate provisions to ensure the growth of the gas sector and urged that the presidency provides “mouth watering incentives” to attract investors.

The Federal Government, she also opined, should review the gas pricing policy and allow export of certain percentage of gas to earn foreign exchange.

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