The Senate President stated this on Monday during the PIB public hearing.

He said, “Our reform agenda is driven by the need to overhaul a system that has led to corruption being endemic in the petroleum industry.

“For instance, billions of dollars have been lost through non-invocation of provisions in subsisting laws, at those times when crude oil price crosses certain thresholds.

“The Bill will fix this as well as remove difficulties and uncertainties surrounding our tax assessment and collection system.”

On investment, the Senate President said that the bill will create more investment opportunities in the oil and gas sector.

He said the Senate will commence the process on the Petroleum Revenue Management Bill, which would reshape how we utilise the resources we earn from oil and gas, noting that the bill will create a framework that will free up acreages that are not being developed by current license and leaseholders, thereby creating opportunities for new investors.

“This will bring substantial new investment to our oil and gas industry.

“It will ensure effective management of the environment by petroleum operators and administrators.

“It provides a framework to unleash midstream activities which will open up the market for the supply of gas and other downstream products, for economic growth.

“I believe the most important feature of this Bill is that it provides much needed legal backing for the deregulation of our downstream petroleum sector”.

The Senate President added that the objective of the Petroleum Industry Administration Bill is to transform the administration of the upstream, midstream and downstream sectors of the Nigerian petroleum industry.