…. Hints of early passage of PIB
The Chairman, Senate Committee on Petroleum Resources Upstream, Senator Bassey Albert Akpan (OBA) has commended President Muhammadu Buhari on the signing into law of the Deep Offshore and Inland Basin Production Sharing Contracts Amendment Act today, Monday, November 4, 2019.
Senator Albert, who sponsored the Bill in the Senate described the action of Mr. President as historic and unprecedented in the history of oil and gas sector. He also commended the President of the Senate, Dr. Ahmed Lawan and the entire Senate for its resilience and patriotic support towards the passage of the amendment.
The Chairman, Senate Committee on Petroleum Resources Upstream also expressed his gratitude to His Excellency, the Speaker of the House of Representatives and all members of the House for their expeditious concurrence leading to the signing of this amendment into law by Mr. President.
Senator Albert emphasized that the National Assembly through this renewed collaboration and support to Mr. President have demonstrated its readiness to pass the coming Petroleum Industry Bill (PIB) expeditiously with the passage and signing into law of the PSC Act 2019.
This, according to him, will revolutionalise the country’s oil and gas sector to attract the much needed and desired foreign direct investment into the sector for the good of both investors and the country.
Nigeria is expected to reap over $1.5 billion as a result of the passage and signing of the amendment bill into law to finance the 2020 Budget while violation of the provisions of the Act will attract a fine of N500 million or option of five years imprisonment.
