Passage of PIGB will curb future fuel scarcity – Saraki
Senate President, Dr. Bukola Saraki, Wednesday extolled the House of Representatives on the passage of the Petroleum Industry Governance Bill, PIGB, meant to curb the problem of fuel scarcity in the country.
In a video message on his facebook page, Saraki, who facilitated the passage of the same bill by the Senate earlier in 2017, said: “Wednesday after nearly two decades of back-and-forth, near-misses and ‘near-passages’, the 8th National Assembly finally reached a milestone with the passage of the Petroleum Industry Governance Bill, otherwise known as PIGB. This is historic.
“Many of you will recall that in May 2017, the Senate took the first step in this direction, and Wednesday, the House of Representatives did the same by passing this Bill that is aimed at modernizing the Petroleum Industry and overhauling the entire system to create a conducive business environment for petroleum industry operations.”
Explaining the importance of the bill, the senate president said the bill will curb future scarcity as well as foster transparency and openness in the industry.
“With the on-going fuel scarcity in many parts of the country, Nigerians should know that the PIGB, once it becomes law, will help alleviate those issues that lead to scarcity, such as: the limited supply of Premium Motor Spirit (PMS); the poor import planning schedule that leads to fuel importation constraints; the corruption, diversion and smuggling — that lead to artificial scarcity; and the absence of deregulation in the sector.
“The PIGB will also promote openness and transparency in the industry by clarifying the rules, processes, and procedures that govern the oil and gas sector. This should eliminate, or at worse, reduce corruption significantly and make the sector more efficient and productive.
“Many people did not give us any chance when we promised to pass the PIB. Now, we have scaled this first major hurdle and we promise to pass the remaining related bills like the Petroleum Host Community Bill and Petroleum Industry Fiscal Bill very soon to complete the circle,” Saraki maintained.
