By Chris Udochukwu
Abuja (Precise Post) – The federal lawmaker representing Akwa Ibom North West at the red chamber, Senator Christopher Ekpenyong has expressed delight that the passage of the Petroleum Industry Bill, (PIB) will lay a solid foundation for oil industry law.
This is also as he has said it will end 20 years of lack of international investors in the oil sector.
He stated this while speaking with journalists on the second day of the public hearing organised by the Senate joint committee on Petroleum (Downstream), Petroleum Resources (Upstream) and Gas, Tuesday.
According to him “as we were told yesterday by the Honourable Minister of State for Petroleum as well as the Group Managing Director, (GMD) NNPC that in the last 20 years, international investors have not come”, adding, “yet we have so many people milling around having a lessezfaire attitudes because the enabling environment has not been defined by law”.
“It is a very good omen to Nigeria that this PIB is being proposed by the executive led by President Muhammad Buhari. It is a bill that will show that his administration has been able to lay a solid foundation for oil industry law.
This explains why the Senate decided to conduct public hearing for two days to listen to the various interest groups, shapers and operators of the oil industry to bring their own views relevant to what has been presented by the executive, Senator Ekpeyong said.
He expressed delight that the next stage will commence when the report of the committee is presented to the Senate, adding “we will do our best, the bill will be be passed for the good of Nigeria”.
“By the grace of God the PIB will become an act this year, which is eminent for the development of the oil sector in Nigeria.
He said at a stage the country even forgot about the gas, but expressed delight that now we could see that gas is playing a prominent task in the development of the economy, adding “we need the PIB that will enhance the activities and thereby encouraging investors”.