A member of House of Representatives, Sergius Ogun, says passage of the Petroleum Industry Bill (PIB) will be the greatest thing to happen to Nigeria’s oil industry.
Ogun told newsmen on Thursday in Abuja that the bill when passed would create more agencies in the oil and gas sector to make it more effective and efficient.
According to him, the bill will also make it possible for host communities to participate in the sector.
He said that the law that would emanate from the bill would end militancy and agitations in the Niger Delta by giving host communities a sense of belonging.
The lawmaker added that the bill would create a trust fund which would enable some percentage of proceeds from oil to be paid to host communities for development.
“The bill will create a trust fund that some percentage of monies will be paid to be used by these communities to develop the place.
“This is what is obtainable in Alaska in the United State of America.
The individuals in host communities are captured and paid with certain percentage of the proceeds from the oil.
“It will give the communities a sense of belonging and end militancy and agitations in Niger Delta,” he said.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.