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President Buhari Affirms Commitment to Reform Oil Sector

President Buhari Promises to Reform Oil Sector

President Buhari Affirms Commitment to Reform Oil SectorPresident has on Thursday December 13, affirmed his commitment towards reforming the oil and gas sector in Nigeria.

The president made this commitment while receiving the newly-inaugurated national executive committee members of the Nigerian Union of Petroleum and Natural Gas Workers () led by its National President, at Presidential Villa.

He added that an effective reform of the sector must be meticulous designed to meet the yearnings and aspirations of the people.

According to him, reforming the petroleum industry would unlock numerous untapped potential for the country.

He however stressed that the reforms must be well thought out and must have the best interest of Nigeria and Nigerians.

“Such reforms cannot and must not be rushed if we must get it right. We are still suffering from the effects of many legacy policies that were rushed and passed without fully appreciating the consequences the provisions embedded in them.

“Whatever decision we take now will impact either negatively or positively on generations to come.

“The Petroleum Industry Bill (PIB) was conceived to ensure Nigeria’s future generations are positively impacted by its oil wealth, and that it was never about short term gains,” he said.

Buhari assured the people that dialogue on the Petroleum bill is still ongoing and at the end, the country would have a bill that the people would be proud of.

He ended by imploring visitors to submit any petition they may have to the Minister of State, assuring them that it would be looked into.

“On refineries, the public private partnership () approach we adopted to rehabilitate our existing refineries has taken longer than expected. However, I am aware that the has concluded the process for selecting the private sector partners that will rehabilitate the refineries. I am informed that they are working out finances and hopefully, work will commence soon.

“As one of the architects of the Nigeria Content Monitoring and Development Act, l am sure NUPENG members appreciate that a key principle of this act is the indigenisation of certain processes and production functions. Indigenisation means local value addition leveraging local resources where possible.

“The Act specified minimum local content requirements, including manpower, for all projects and contracts in the oil and gas industry. The Nigerian Content Development and Monitoring Board is fully empowered to ensure compliance. l will direct the Minister of State Petroleum Resources to review the issues you have raised and take appropriate action to ensure compliance with the Act by operators in the industry,” he added.



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