Petroleum Bill Will Reduce Petroleum Products Importation By 60% – Gershom Bassey

By Ushang Ewa

Senator Gershom Bassey has said the passage into law of the petroleum industry governance bill (PIB) will among other things, reduce Nigeria’s importation of petroleum products by up to 60 percent.

Nigeria currently imports most of its petroleum product needs with the huge subsidies often depleting reserves, which coupled with corruption has seen the country’s currency; The Naira weakened against the United States Dollar.

Gershom who represents the Cross River southern senatorial district in the red chambers of the national assembly disclosed this at the United States State Department’s International Visitors Leadership Forum where alongside his colleagues at the forum of Senate joint committee deliberated on the roadmap for  Government and policy makers that will take care of every aspect of the bill.

The committee is engaging the United States government on their level of administration and compliance on the fiscal administration of the petroleum industry said Gershom who is the vice chairman, petroleum upstream committee and senate joint committee on the PIB.

The PIB according to Gershom will transform the sector in Nigeria to meet global best practices.

The bill also aims at improving security and ensuring environmental safety in oil producing areas, shift in focus from oil and gas as well as review of old policies and Laws in the oil and gas industry Gershom said.

He added that it will also lead to the reduction on the importation of Petroleum products by 60 percent, create a business environment and investment drive in the oil and gas industry.

Also, the PIB will help the country’s drive for efficiency and transparency in the oil and gas industry and create a platform for stakeholder management and international coordination said Gershom.

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