Wealth Creation
Oil sector reform irreversible – Acting President
Feb 23, 2010, 14:16
| | Acting President Goodluck Ebele Jonathan has said the Federal Government is determined to ensure that the benefits of petroleum are enjoyed by all Nigerians. To this end, he said Government is unwavering in its commitment towards reforming the petroleum sector primarily for national interest, by passing the Petroleum Industry Bill into law and transforming the NNPC into a profit-oriented business concern.
He stated this on Monday February 22 while declaring open the 10th Nigeria Oil and Gas Conference which held at the International Conference Centre, Abuja.
His words: “I want to reassure Nigerians and our foreign partners of our unwavering commitment to pursuing the reform in this sector with an eye on our national interest primarily and also in meeting the market demand for energy security for livelihood protection.”
“Our determination to transform NNPC into a profit-oriented business concern is irreversible. The new Nigerian National Petroleum Company Limited will not get grants from Government.”
“It will be operated as a business concern that is conscious of its mission, able to borrow from the capital market, and paying dividends to its shareholders. The new NNPC will be required to pay to the government royalties and taxes just like any other company.”
“Oil must be an agent for good and development not violence, war and impoverishment. Our goal is to ensure that the benefits of petroleum be enjoyed and seen to be enjoyed by all Nigerians,” he stated.
Dr. Jonathan urged the National Assembly to expedite action on the passage of the PIB, saying government is committed to the full implementation of its provisions when passed into law. “We have come to a new era of partnership, built on trust, shared values and beneficial equitable interest. The resources of Nigeria whether haboured in the Mambila Plateau or the Niger Delta basin must be used for the advancement of the Nigerian people.”
Dr. Jonathan said a situation where a majority of Nigerians are denied the benefit of power supply which the petroleum industry can guarantee through gas is unacceptable. “We must have electricity in Nigeria and the oil and gas companies will partner with us in delivering this to the Nigerian people within the shortest possible time,” he stated.
While expressing zero tolerance for pipeline vandalism and illegal oil activities, the Acting President assured the people of the Niger Delta that their decision for peace and dialogue will not be repaid with indifference and neglect. He said Government will implement all post-amnesty programmes and ensure the provision of infrastructure and facilities that will keep the youths of the region fully and beneficially engaged.
Also speaking at the conference, Petroleum Minister, Dr Rilwanu Lukman, said the passage of the PIB will herald the proper management of resources in the oil sector, align Nigerian petroleum laws with international best practices and block leakages in the sector.
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