Port Harcourt — The Petroleum Industry Bill when harmonised by the National Assembly and sent to the President Muhammadu Buhari for assent, will receive timely consideration, Vice President Yemi Osinbajo has assured.
Osinbajo explained that giving a speedy assent to the PIB was imperative, because
Nigeria’s preparedness for oil and gas industry stability and growth in the wake of energy transition dynamics, cannot be over emphasized.
The Vice President represented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, said this at the just concluded 20th Nigerian Oil and Gas Conference in Abuja, NOG2021, with the theme, fortifying the Nigerian oil and gas industry for economic growth and stability.
The number two citizen said the PIB when passed into law, will provide to the country’s oil and gas industry, the most attractive governance in Africa,
He added that the future survival and success of many players in the industry would not only depend on their achieving greater focus on cleaner energy source, but also upon the ability to deliver low-cost solutions.
“As you are aware, just last week, the National Assembly passed the long-awaited Petroleum Industry Bill.
“This unprecedented feat has been adjudged as a watershed moment for our nation.
“Let me assure you that the Bill when transmitted to the Presidency for assent will receive necessary and timely consideration. Infrastructural development, security issues, high cost of operations and other various issues are well covered in this all encompassed Bill.
“On behalf of the Government, I can assure you that when the eventual Act is fully operational, its Governance, Administrative and Fiscal provisions will be one of the most attractive in Africa.
“In conclusion, let me appreciate all of you for your immense cooperation in making the industry stable during its trying period, particularly in the peak of the COVID-19 pandemic and the period of the plummeted crude oil prices.
“Those periods gave clear evidence that the Nigeria Oil and Gas Industry is right footed.”