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How PIB will boost Nigeria’s economy – Saraki

 Bukola Saraki
The President of the Senate, Bukola Saraki, has said that the three new Petroleum Industry Bills (PIB) being considered by the Senate will boost economic growth.

He said that it will also lead to a more efficient oil sector that would be globally competitive.
Mr Saraki stated this on Monday in Abuja while declaring open a 3-day public hearing on the Petroleum Industry Bill (PIB), organised by the Senate Joint Committee on the PIB.
He said that the three bills under consideration would have tremendous impact on the economy and investment opportunities when passed into law.
The bills are Petroleum Industry Administration Bill 2018, Petroleum Industry Fiscal Bill 2018 and the Petroleum Host and Impacted Communities Bill 2018.
“The Bill creates a framework that will free up acreages that are not being developed by current licence and lease holders, thereby creating opportunities for new investors.
“This will bring substantial new investment to our oil and gas industry.
“Secondly, it ensures 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.
“Above all, I believe the most important feature of this Bill is that it provides the much needed legal backing for the deregulation of our downstream petroleum sector,” he said.