The President of the Senate, Ahmad Lawan, has accused ‘demons’ of frustrating the passage and Presidential Assent to the Petroleum Industry Bill (PIB) within the last 14 years.
Speaking to newsmen on Tuesday on his 62 birthday celebration, the leader of the National Assembly assured that the demon will be defeated this year.
He noted that the patriotic zeal used by the National Assembly in October 2019, to pass the Amendment Bill on Deep Offshore Oil Production Sharing Contracts, will be used in consideration and passage of the PIB already before it.
According to Nigeria’s number three citizen, the Petroleum Industry Bill (PIB) will be passed latest by the end of the first quarter of 2021.
Lawan said: “PIB is like a demon. People both within and outside the country are ready to work against it as they have been doing for the past fourteen years but the 9th Senate and by extension, 9th National Assembly, will defeat the demon with the current bill before both Chambers.
“The patriotic zeal, sheer determination and unity of purpose by all serving Senators across party lines, to do this latest by the end of first quarter of this year will be deployed on the bill immediately the Senate resumes on 26th of this month the way it did with Deep Offshore Oil Production Sharing Contracts.”
He assured the various International Oil Companies (IOCs), working in Nigeria that the PIB to be passed this year, will not run them out of business.
“The main purpose of PIB which will later become an Act, when passed and assented to, by President Muhammadu Buhari, is to make the oil sector investments friendly for both local and foreign investors with attendant economic gains for the country.
“Through it, a required competitive environment will be provided for businesses to grow and investors to make their gains, as well as Nigerians, getting values for their money and the government getting more revenues,” he explained.
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