The Chairperson of NDPM, Mrs Ibifuro Tatua, in a statement in Lagos applauded the National Assembly, President Muhammadu Buhari and the Minister of State for Petroleum, Chief Timipre Sylva, for the feat.
Highlighting the PIB’s gains, Tatua said passage of the bill by the ninth assembly remained another benchmark for ensuring transparency and accountability in the oil and gas industry.
She said: “We see a country on the point of incredible achievement and advancement.
“The passage of the complete version of the PIB is another landmark of President Buhari’s administration.
‘’It is a good development that is capable of yielding a beneficial outcome.”
She commended efforts of President Buhari, Sylva and the ninth assembly in repositioning of Nigeria’s oil and gas industry.
Tatua added: ‘’This is another benchmark set in Nigeria, in a crucial sector that is key to Nigeria’s economic growth and stability.
“The passage of the PIB will help the business image of Nigeria in the international scene.”
She said the passage rekindled the region’s hope in the ability of stakeholders in the oil and gas sector to take full advantage of the current development.
The chairperson underscored global competitiveness and best practices, restructuring of institutions and local and foreign investments.
She also implored the Federal Government to make the best of the PIB.
Tatua said the bill gave the international community an assurance that ‘’Nigeria has provided a strong legal and policy framework as well as an enabling environment for investments.”
She emphasised the commercialisation of the Nigerian National Petroleum Corporation establishment of new regulatory bodies and three per cent profits from oil companies to host communities.
The News Agency of Nigeria (NAN) recalls that the Senate on Thursday passed the long-awaited Petroleum Industry Bill.
This followed approval of recommendations of the report of the Senate Joint Committee on Petroleum, (Downstream,) Petroleum (Upstream) and Gas at plenary.