The Minister of State of Petroleum Resources, Timipre Sylva, has said the Petroleum Industry Bill, PIB, currently before the National Assembly will be passed in April.
Mr Sylva stated this Thursday while briefing State House correspondents at the Presidential Villa, Abuja.
According to him, the bill has already passed second reading in the two chambers of the National Assembly.
“The National Assembly has expressed the intent to pass the PIB into law by April 2021, every effort is being made to support the National Assembly to meet this target,” he said.
While enumerating the gains of the PIB to Nigerians, the minister said it would create additional infrastructure across petroleum value chain.
He added that it would increase petroleum activities as well as enhance the livelihood of inhabitants of oil producing communities.
He said the bill would create additional infrastructure across the petroleum value chain especially from mid-stream and down-stream.
He added that critical infrastructure would also be developed, while utilising the incremental revenue from increased petroleum activities.
Sylva said it would also provide additional infrastructure in the host communities arising from the host community trust.
The minister further stated that more businesses would be set up to support increased activities within the petroleum value chain.
“Greater confidence would be engendered with certainty in the petroleum industry, which will lead to increased investments.
“Nigeria will occupy its place among commits of nations who have updated their petroleum industry laws in line with current realities.
“The bill will also enable a structured monetisation of fossil fuel resources before the whole world turns to renewables.
“It will also impact positively on the Nigerian economy with multiplier effect on the petroleum sector,’’ he said.
The minister also expressed the hope that the bill when passed, would lead to an increase in the use of gas for domestic purposes.
He said this would create a healthier society as well as provide job opportunities across the country.
