x

NASS To Pass Petroleum Industry Bill By April, Says Sylva

The National Assembly will pass the Petroleum Industry Bill (PIB) which is currently before it by April 2021, Mr Timipre Sylva has said.

Sylva, who is the Minister of State for Petroleum Resources, disclosed this on Thursday at the weekly presidential ministerial media briefing at the State House in Abuja, the Federal Capital Territory (FCT).

He told reporters that the bill would not suffer a setback, going by all indications from the leadership of the National Assembly.

The minister stated that if the nation must diversify from petroleum, it must go in the direction of gas.

He stressed the importance for Nigeria to steer away from oil to gas, adding that the 20-year-old PIB would attract a lot of investments to the gas sector.

On the issue of having functional refineries in the country, Sylva faulted Senator Dino Melaye’s analysis of the proposed rehabilitation of the Port Harcourt refinery.

According to him, Melaye is no expert on refinery and should, therefore, not impress his views on an area he is not conversant with.

The minister said the Federal Government remained committed to its promise to deliver a functional refinery to Nigerians in due time.

While the government plans to spend $1.5 billion to fund the rehabilitation of the Port Harcourt refinery in Rivers State, several individuals and groups say this will add to the nation’s debt burden.

But Sylva has since doused the concerns, saying the government does not intend to borrow all the funds to rehabilitate the refinery which he said would be functional in 18 months.

In a recent interview he disclosed that a subsidiary of the Nigerian National Petroleum Corporation (NNPC) – Nigerian Petroleum Development Company Ltd (NPDC) – and others would contribute the money to be used for the project.

According to the minister, $200 million will come from NNPC’s internally generating revenue sources, while the Federal appropriation will put in about $800 million.

He added that the remaining fund would come from the African Export-Import Bank (Afreximbank).

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Dhul Hijja: FCT Pilgrims Admonished To Deepen Worship During Sacred Days

By Joyce Remi-Babayeju Pilgrims from the Federal Capital Territory (FCT)...

Education Secretariat Absorbs FCT Schools From Religious Indoctrination

By Joyce Remi-Babayeju The Federal Capital Territory, Education Secretariat of...

Water Plants Rehabilitation, Reason for FCT Water Shortage , Wike Explains

By Joyce Remi-Babayeju The Minister of the Federal Capital Territory...

world Communication Day: Pope, Elue, Delta Speaker Hail Media

By Ane Azuka  Speaker, Delta State House of Assembly, Rt...

igoche Mark Backs Athletes’ Insurance, Condoles Kano

Mr. Igoche Mark, a prominent basketball promoter and the...

Nwuche Praise Tinubu, Wike For Abuja’s Transformational Development

By Joyce Remi-Babayeju A former Deputy Speaker of the House...

We’ll Soon Appoint Permanent Secretaries – Oborevwori

... Lauds HoS for Her Integrity By Anne Azuka Governor, Sheriff...

Bayelsa Raises Minimum Wage, Invests in Infrastructure

Amgbare Ekaunkumo,Yenagoa  The Bayelsa State Government has begun implementing the...
spot_img

Related Articles

Popular Categories

spot_imgspot_img