NUPENG reiterates call on National Assembly to speed up passage of PIB

The Nigeria Union of Petroleum and Natural Gas Workers on Monday urged the National Assembly to accelerate the passage of Petroleum Industry Bill to woo foreign investors.
Alhaji Tokunbo Korodo, the NUPENG chairman in the South West, made the plea in an interview with the News Agency of Nigeria on Monday in Lagos.
According to him, non-passage of PIB is a threat to investment in the oil and gas sector.
Korodo said that no investor would be willing to invest in a business they did not understand.
Korodo said: “But, I believe with the passage of PIB, more investment opportunities will be available.”
He said that non-passage of the bill, which had passed through the second reading, forced some International Oil Companies to leave the country and sold off their investments to indigenous oil companies.
NAN reports that the Senate had on October 5 resolved to prioritise and fast-track the passage of the PIB and other legislations capable of contributing to the quick recovery of the national economy.
It said that the bill would provide favourable level playing environment for both local and foreign investors.
This was part of the 20-point resolution passed by the Senate as its legislative intervention to speedily pull Nigeria out of the current economic recession, and put the economy on the path of sustainable growth.
Korodo said that contrary to speculations on the increase of petrol price, the Federal Government was already handling the issue of foreign exchange with the oil marketers.
He said: “With the way government is handling the forex in oil and gas sector, there will be no hike in the price of petrol.
“At present, government is a major importer of petrol through the Nigerian National Petroleum Corporation, private depots are just helping NNPC to distribute the product.
“For over six months, the government has abandoned the entire System 2B Network that sustained the country during last crisis of fuel scarcity.”
The Federal Government had on May 11 removed fuel subsidy thereby increased the price of petrol from N86.50 to N145 per litre.