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NASS Better Informed on PIB, Ready To Pass it in to Law, Hon.Adar

NASS Better Informed on PIB, Ready To Pass it in to Law, Hon.Adar

HON. SARKI ADAR MUSA, Chiarman House Committee on Petroleum Upstream Sector  at the National Assembly has stated that member of the House of Representatives would give a speedy hearing to the Petroleum Industry Bill, PIB which was tabled before the House for consideration.

Speaking on Tuesday evening with Journalists at the National Assembly floor,after an interactive session with stakeholders on oil and gas, Mr.Adar Musa, said that the he and his committee members had a frank but impressive interactions with the stakeholders in the oil and gas sector and based on that, they understand the challenges faced by oil companies in the country as such are ready tp make a balanced assessments of the PIB before it is passed .
” It is quite an impressive engagement, they have invited us and showed us records to show that foreign investors are not coming into the country due to the harsh economic conditions.
“We on the other hand had accused the oil companies of exploiting Nigeria and causing losses worth billions of naira for the country .
The chairman of the House committee on the Petroleum Upstream Sector further stated that,
” having gotten the full facts, we now are in a better position to make informed decision on the PIB which is before us.
” I can guarantee you that it would be in the best interest of the country and along with international best practices”.
Speaking further on the impotence of the PIB, Hon.Adar Musa said that the importance of the PIB can not ne overemphasized as it would remove the bottlenecks experienced by oil marketers, importers and producers .He also added that the PIB would streamline the financial regulation of the oil sector making it very lucrative and viable for the country .
Adar explained that ,
” all oil producing nations do have the Petroleum Industry Laws regulating the oil sector, Nigeria having such law would be beneficial to all”.
He further explained that the PIB which was introduced to National Assembly 13 years ago was not passed due to so many consideration.
“Now that we have the full facts, we shall pass in very soon”, he assured.
Reacting to the recent fuel price increase, the law maker stated that the removal of fuel subsidies has made imperative for oil marketers to increase the prices of fuel if they cost of importation increases.

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