House of Representatives adhoc committee on petreleum Industry Bill PIB is to speed up the passage of the proposed bill currently before it for optimum benefits to Nigerians
Chairman of the committee Alh Tahir Muhammad Monguno, gave the assurance in an interview with newsmen shortly after the completion of a public hearing on the Bill in Abuja.
Alh Tahir Monguno, explained that the bill if pass into law would impacted positively on the Nation’s economy and allow both foreign and internal investors to invest in the oil and Gas sector for the benefit of Nigerians.
The Committee Chairman further assured Nigerians that the house will do everything withing it’s jurisdictions to complete legislative work on the bill as scheduled by the its leadership for properimplementation.
He argued that Nigeria has an estimated deposit of about thirty seven billion barrel of crude Oil and Gas, stressing that amending the laws will give investors the opportunity to explore the resources withing thirty years window the country has.
He mantained that going by the current trend that Developing countries are switching to the use of renewable energy, in the next thirty years fuel will be of less importance hence the rationale behind the amendments of the PIB laws.