Oil is the bedrock of this nation’s economy, no doubt but without petroleum industry bill(PIB), we are deceiving ourselves in this country says Hon. Rotimi Makinde, a former federal legislator from Ife as gathered by Naija Online TV, furthermore he made case for his submission, read his excerpts below.
"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 twelve to sixteen years we have been dilidallying 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 accros the country for each host community shall have delegated authority and roles backed with reward to encourage commitment.
– Hon Rotimi Makinde was one of the 7th assembly PIB committee members