Friday, September 30, 2022

PIB: Investments, transparency to flourish in oil, gas industry, says Gbajabiamila

Nigerians are going to benefit from reduced fuel prices as there would be competition among the industry players.

• August 16, 2021
The Speaker of House of Reps, Femi Gbajabiamila
The Speaker of House of Reps, Femi Gbajabiamila (Photo Credit: Channels TV)

Speaker of the house of representatives, Femi Gbajabiamila, says Nigeria’s oil and gas industry will now attract investments and transparency.

This, he said, was sequel to the coming into being of the Petroleum Industry Act, 2021.

Mr Gbajabiamila said this in his reaction on Monday, after President Muhammadu Buhari assented to the Petroleum Industry Bill, which has become an Act of the National Assembly.

The speaker noted that the coming into being of the law was a victory for Nigerians and a landmark achievement that ended the two-decade-long journey of the PIB.

He said when massive investments come in as a result of the PIA, a lot of Nigerians will gain employment.

He expressed optimism that with the coming on board of the PIA, Nigerians would also benefit from reduced fuel prices as there would be competition among the industry players.

He praised the determination of the 9th Assembly that saw the Act become a success and commended the synergy between the Executive and Legislative Arms of Government that won the victory for Nigerians.

“As I said before, this is a landmark achievement.

It has been 20 years in coming.

This 9th Assembly will be recorded on the right side of history for this big score,” he stated.

Mr Gbajabiamila added that the oil and gas industry could only fare better with the Act, while calling on investors to take full advantage of the opportunities that the new law provided.

PIA provides the legal, governance, regulatory and fiscal framework for the country’s oil and gas industry, and also makes provisions for the development of host communities by creating a Host Communities Fund, and further exploration of petroleum resources in the new frontiers.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Lagos

Sanwo-Olu bans MC Oluomo’s rival transport union RTEAN in Lagos 

He added that suspension became necessary to prevent further acts of violence within the state.

SP Benjamin Hundeyin

Hot news Home top

Police arrest 22 suspects over Lagos motor park violence

The crisis erupted over control of the new park created under the Bridge at Iyana-Oba, Ojo area.

World

Iranian government arrests journalist, cracks down on protesters

Security forces used live ammunition, shotgun pellets and other metal projectiles, Amnesty said.

Health

Kanu Heart Foundation conducts free heart screening in Enugu

Kanu said that the foundation was using the day to create awareness on the prevention and treatment of heart-related problems.

Lagos

Civil Defence confiscates 21,600 litres of stolen petrol in Badagry

“The products were kept in barges…with the motive to reload them all into a boat and proceed on their journey to the Republic of Benin.”

NCPC

Faith

Pilgrimage absconder arrested upon return to Nigeria

Mr Ezekiel was among the six pilgrims who absconded in Israel during the 2019 Easter Pilgrimage.