MAKINDE MAKES CASE FOR PETROLEUM INDUSTRY BILL(PIB)

"Oil is the bedrock of this nation's economy, no doubt!". 

Without Petroleum Industry Bill PIB ,we are deceiving ourselves in this country..

Each time I think of how we are failing in our system of administration and our inability to reposition our economy despite how blessed we are as a nation I weep.

Over the past 12 to 16years, we have been dilidalying about how best to regulate our petroleum industry. Often, we allow proposals and make attempts to create enabling bill, constitute committee of either executive or legislative but somehow it always ended up without result.

No two ways about it, as long as we keep on failing to address the issue of how exactly we want our oil and gas industry to be we are simply deceiving ourselves as a nation.

This bill, if approved will bring substantial new investments to our oil and gas industry.

Secondly, it will ensure effective management of the environment by petroleum operators and administrators.

Thirdly, it provides a framework to unleash midstream activities which will open up the market for the supply of gas and other downstream products, for economic growth.

This bill will further help to protect NNPC properties across the country for each host community shall have delegated authority and roles backed with reward to encourage commitment.

(Hon Rotimi Makinde, Former member of PIB Committee in the 7th Assembly).