Kingsley Ujuma, representing APC, Imo at the House of Reps says the Nigeria National Petroleum Corporation (NNPC) will now be accountable for the passage of the Petroleum Industry Bill (PIB),
Ujuma who is also a member of the Petroleum Industry Bill Committee said this while briefing newsmen on Friday in Abuja, following the passage of the PIB on July 1, by the two chambers of the National Assembly.
He said the NNPC would now be a limited liability company whose profits would be accrued to the country and subsequently moved to the Federation Account.
Ujuma said the bill would galvanise all assets, including the economic and security inherent therein which would bring effective production, transparency and good governance to the country.
“Today, with the passage of the bill, we are talking about an oil sector that is organised with governance policy and profitability and viability,’’ Ujuma said.
He said 99 percent of lawmakers voted for the passage and agreed with the content of the recommendation of the PIB committee.
“This bill has been in the cooler over a decade because of disagreement over grey areas. It got to a point where there were too many vested interests and that could not help the passage,” he said.
For the host communities, the lawmaker said the bill, if assented to, would give power to them to participate in their own resources.
