TheCable

Timipre Sylva, minister of state for petroleum resources, says the petroleum industry bill (PIB) will enshrine an “investor-friendly, market-led gas pricing structure.”

There have been failed attempts by the previous national assembly to pass the legislation for the country’s oil sector.

During the seventh assembly, the lower legislative chamber passed the bill but the senate failed to concur with it.

The eight assembly subsequently broke the PIB into five components and passed the petroleum industry governance bill (PIGB) but President Muhammadu Buhari failed to sign the bill, citing some constitutional reasons.

Speaking at the 12th Nigerian Gas Association international conference held virtually on Thursday, Sylva said the federal government will ensure speedy passage of the PIB.

“I am very happy to realize that our drive for gas penetration through the Nigeria national gas expansion programme has now developed to execution stage with the banking support of most private investors and associations such as NGA. A few days ago, I kick started the programme in Ekiti state,” he said.

“Let me assure you that the federal government is committed to the speedy passage of the PIB which will enshrine an investor-friendly, market-led gas pricing structure that will ensure the willing buyer, willing seller regime.

“Let it also be established that NGA and the ministry of petroleum resources are partners in progress. Let us jointly drive our objectives home and allow our achievements to stand the test of time as Nigeria goes gas.”

Senate President Ahmad Lawan had earlier said some forces within the country and outside are working to frustrate the passage of the PIB.

Lawan said it is going to take strength and patriotism to pass the bill.

Meanwhile, Femi Gbajabiamila, speaker of the house of representatives, had assured that the lower legislative chamber will pass the PIB in April.