Port Harcourt — Nigerians will begin to see the effect of the Petroleum Industry Act, PIA, in three to four years time, the Senate Committee on Petroleum Resources (Upstream) has said.
Chairman of the Committee, Sen. Albert Bassey Akpan, who stated this, explained that the Act has put in place a mechanism that will attract the international community to invest in the country’s oil and gas sector.
Speaking on the implementation of the PIA during a live television interview monitored by our correspondent in Port Harcourt, Akpan said the Act will allow Nigerians to pay for crude oil in Naira, which will help reduce pressure on foreign exchange.
He appealed to Nigerians and relevant stakeholders to be patience, assuring that the National Assembly will deploy effective oversight to ensure the Act is effectively implemented to meet desired goals.
“90 percent of our revenue comes from crude oil sales. 80 percent of our Forex demand is for the importation of petrol. In three to four years, Nigerians will see the effect of the PIA.
“The law provides for locals to pay for crude in Naira, which will help in reducing the pressure on the Forex market and further crash the price of dollar”.
“In the course of implementation, the National Assembly will expedite action in reviewing any section of the the PIA that needs to; to enable us fast track its implementation”.
“The post deregulation regime has no room for the Petroleum Equalization Fund. The PEF will become a component of the upstream and downstream. The transition period will take care of these liabilities and the law has clearly outlined how this will be achieved.”
“The PIA will enable host communities to take their destinies into their hands as what accrues to them through the law will directly get to them without the interference of any third party.”
The Lawmaker further added that on resumption of plenary, the Senate will invite the steering committee to brief the National Assembly on the roadmap for implementation of the PIA and how they intend to meet the timelines.