President of the Senate, Ahmad Lawan, has said that the Petroleum Industry Bill (PIB) presently before the National Assembly will ensure that Nigerians benefit optimally from crude oil production and sale of fossil fuel reserves.
Lawan stated this on Monday while declaring open a 2-day public hearing on the bill by the National Assembly.
According to the Senate President, the National Assembly in its consideration of the piece of legislation, would ensure that the bill when passed into law, guarantees improved revenue earnings for the country.
Lawan said, “Let me say this, we (National Assembly) will pass this bill not without ensuring that it is a bill that satisfies certain conditions.
“Nigeria is blessed with these resources, we want Nigeria to benefit optimally from them. In fact, we are in a hurry because we have lost so many years of benefits that we could have had.”
The Senate President, however, noted that the non-passage of the PIB had been a major drag on the industry over the years, significantly limiting its ability to attract both local and foreign capital at a time when many other countries are scrambling to exploit their oil and gas resources.
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“The mere knowledge that the nation’s oil industry is still being governed by laws enacted more than 50 years ago is ludicrous and extremely disappointing.
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“As legislators, we will strive to deliver a Bill that will enhance the growth of our oil and gas industry, modernize our fiscal system and enhance competitiveness, while creating harmony for all stakeholders. This is a promise we have made and that we shall achieve.
“Nigeria must have an Oil and Gas Industry that benefits its people. Equally, our Oil and Gas Industry must be competitive. We must create a sustainable investment climate, where business in the sector will flourish,” he said.
Lawan assured that the National Assembly during the public hearing would deal with all issues relating to the oil and gas industry with thoroughness and effectiveness, so as to avert colossal losses to the nation’s economy.
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