The National Assembly said it was working tirelessly to ensure the passage of the Petroleum Industry Bill, PIB, in April 2021.
This came as the Joint Ad-hoc Committee of the National Assembly expressed regrets over the poor condition of the nation’s refineries, adding that PIB when passed would revive the refineries to function optimally.
The joint committee of Senate and House of Representatives said this in Port Harcourt, Rivers State, yesterday, during a visit to Port Harcourt Refinery Company, in continuation of its oversight visit of the refineries in the nation.
Speaking, Mohammed Mougunu, Chairman of the Ad-hoc Committee in the House of Representatives on PIB, and Chief Whip of the House, noted that the committee was poised to pass the petroleum bill as soon as possible.
Mougunu noted that the main focus of the Bill was to entrench reformation of all the nation’s refineries to international standard, noting that there as the need to make the country’s refineries more competitive.
He said: “The main thrust of the PIB is to reform our oil and gas industry, to make it more competitive and bring their operation in tandem with international best practices.
“We are here in Port Harcourt refinery to see their constraints and how best within the prodigies of PIB, leverage on same and then make their operations more competitive in a bid to attract the much-needed investment in the oil and gas industry, especially against the backdrop of the fact that the world is now moving away from fossil fuels to renewables.”
The committee’s co-chair, said NASS would ensure the passage of the long-awaited PIB in April, adding that the bill will bring to an end the capital flight.
Speaking earlier in a meeting with the management of Port Harcourt Refinery, PHRC, the Senate Ad-hoc Committee Chairman on PIB, Sen. Sabo Nakudu, noted that committees were mandated to submit it’s report to the House as soon as possible.
Also, Sen. Albet Bassey, who is Chairman Upstream, at the Upper Chamber, expressed regrets over the moribund condition of the nation’s refineries, noting that efforts were on to return life to the facilities.
However, the Managing Director of PHRC, Ahmed Dikko, expressed optimism that rehabilitation of the facility would commence in April.
Vanguard
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