14 March 2018, Sweetcrude, Abuja – President of the Nigerian Gas Association, Mr. Dada Thomas, has stated that providing the needed incentives and passing the petroleum fiscal bill, as well as other versions of the Petroleum Industry Bill at the National Assembly, would help improve Nigeria’s gas fortunes.
Speaking at an oil and gas forum in Abuja, Thomas stated that the gas sector would become viable and bankable if the Federal Government provides the necessary incentives to operators and other stakeholders along the gas value chain.
According to him, this included an end to the government’s mindset that considers gas as a tax-revenue earner rather an economic enabler.
He noted that the other components of the PIB yet to be passed by the National Assembly needed to be accelerated, as the delay was sustaining the uncertainties in the industry.
He explained that the PIB was critical to addressing issues affecting the development of the gas sector in the country.
He said, “Critical to the ability to develop our gas resources properly, really is the Petroleum Fiscal Bill and which would be built upon the Petroleum Fiscal Policy which the Minister and his team have been working on.
“If we are going to get the revolution we want gas to provide for this country, I think that we have got to change the mindset on the way we think of gas. When you look at the way gas has been treated in the past, gas has been treated as a source of tax revenue for the government.
“Government needs to think differently and should see gas as an enabler for the economy and therefore the revenue that the government is looking for will come from a larger economic pie rather than taxing gas.”