TheHILL | LEGISLATURE | AUG. 25, 2021.
Chairman ,Senate Committee on Petroleum Resources Upstream, Distinguished Senator Bassey Albert (OBA) says on resumption of the 9th Senate from its long vacation, the Petroleum Industry Act (PIA) steering implementation Committee set up by the President will be invited to brief the National Assembly on the roadmap for implementation of the PIA and how they intend to meet the timelines.
Albert who recently returned from the offshore Technology Conference (OTC) in the United States of America made this known while on a live NTA current Affairs programme ”Tuesday live” added that his Committee will carry out oversight effectively in this regard.
He said from his interaction from key drivers of the oil and gas sector during the conference, the international community is happy with what Nigeria has done to reposition the oil and gas sector to attract more investors into the country noting that having passed the first hurdle, the emphasis now is on energy transition which must follow global trend.
Albert also noted “Ninety percent (90%) of our revenue comes from crude oil sales. Eighty percent (80%) of our FOREX demand is for the importation of Petrol. In three to four years, Nigerians will see the effect of the PIA”.
The Quintessential Legislator went further ‘The law provides for locals to pay for crude in Naira, which will help in reducing the pressure on the FOREX market and further crash the price of dollar”.
Senator Albert represents Akwa Ibom North East (Uyo) Senatorial District in Nigerian senate also said “In the course of implementation, the National Assembly will expedite action in reviewing any section of the the PIA that needs to; to enable us fast track its implementation”.
Albert who doubles as the Leader of Akwa Ibom Caucus in the National Assembly stressed that the post deregulation regime has no room for the Petroleum Equalization Fund (PEF), that the PEF will become a component of the upstream and downstream and that the transition period will take care of these liabilities and the law has clearly outlined how it will be achieved .
According to him ”The PIA will enable host communities to take their destinies into their hands as what accrues to them through the law will directly get to them without the interference of any third party”.
He appealed to Nigerians and relevant stakeholders to be patient as the National Assembly will deploy effective oversight to ensure the PIA is effectively implemented to meet desired goals.
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