The Independent Petroleum Marketers Association of Nigeria, (IPMAN) has applauded the inclusion of the Petroleum Equalization Fund (PEF) in the newly passed Petroleum Industry Bill (PIB) as a proof that the National Assembly is responsive to the yearnings of majority of Nigerians for a permanent solution to the energy problems of the country.
The association also stated that the entire content of the Bill as passed by the Senate last week would serve as a catalyst for the inflow of the much desired foreign direct investment to boost the economy.
The National Public Relation Officer (PRO) of IPMAN, Yakubu Suleiman, said so in a statement in Abuja over the weekend as the official reaction to the passage of the Petroleum Industry Bill by the National Assembly.
According to the statement, “the much awaited Petroleum Industry Bill has come to ease Nigerians of the pains that necessitated the call for the Bill in the first instances.
“We observe with great delight that this Bill when passed into law would further solidify our support for the deregulation of the oil industry as a policy of government that would allow Nigerians to reap the full benefits of oil and gas which has been the greatest gift from nature to the country.”
Suleiman also maintained that, “notable among the clauses in the historic Bill is the Petroleum Equalization section which would remain a main factor to stabilize the industry across the country.
“If signed into law by President Muhammadu Buhari as it was passed by the Senate, the Petroleum Industry Bill will change the landscape of the industry positively and above all, it would attract a smooth flow of foreign direct investments that would shore up the revenue base of the country and reduce the dependence of foreign loans to execute the nations’ budgets.
“The passage of the Bill by the Senate last week is a clear demonstration of the fact that our lawmakers are in touch with the masses and ready to play their role in easing the financial stress on Nigerians who were used to unstable pricing of commodities due to the unpredictable nature of fuel prices.
“We therefore want to thank the National Assembly under the leadership of the President of The Senate, Senator Ahmad Lawan and the Speaker House of Representatives, Hon. Femi Gbajabiamila for presenting Nigerians with this tangible dividend of democracy and promising that as members of Independent Petroleum Marketers Association of Nigeria, we will obey every section of the law that would require us to make life easy for Nigerians after it is signed by President Muhammadu Buhari,” the statement added.