May 18, 2024
UPDATED: Reps, Petroleum Minister, NNPC, FIRS, others speak as Legislators hold Public hearing on Nigeria’s PIB
– By Alison Godswill

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UPDATED: Reps, Petroleum Minister, NNPC, FIRS, others speak as Legislators hold Public hearing on Nigeria’s PIB

 

Many Representatives, Minister of State for Petroleum Resources, the Nigerian National Petroleum Corporation, NNPC, and the Federal Inland Revenue Service, FIRS, have expressed optimism as the House of Representatives begins its Public Hearing on the prolonged Petroleum Industry Bill, PIB.

 

Commenting on the PIB, which is Nigeria’s executive bill, Speaker, House of Representatives, Femi Gbajabiamila expressed the commitment of the parliament to passing the Petroleum Industry Bill, PIB into law in April 2021.

 

He said: “We tend to pass this bill by April. That is the commitment we have made. Some may consider it a tall order. But we will do it without compromising the thoroughness.”

 

Similarly, the Minister of State for Petroleum Resources, Chief Timipre Silva, said he was pleased that both the Senate and the House have shown sustained determination to pass the bill into law.

 

Also speaking, the Group Managing Director, GMD, NNPC, Mele Kyari, said the eventual passage of the bill into law would bring about the needed vigour and transparency that would in turn engender productivity in the petroleum industry.

 

However, the Chairman, Federal Inland Revenue Service, FIRS, Mohammed Nami said: “The bill when passed into law will promote economic growth and make the petroleum sector competitive. FIRS is in total support to develop the oil and gas industry in line with the international best practices.”

He added: “A Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities and for Related Matters (HB. 1061)”.

 

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