The Independent Petroleum Marketers Association of Nigeria, (IPMAN) applauded the decision of the National Assembly to include the Petroleum Equalization Fund (PEF) in the newly passed Petroleum Industry Bill (PIB), saying it is a sign that the legislative arm of government is very sensitive to the yearnings of majority of Nigerians for a permanent solution to the energy problems facing the country.
According to the oil marketers, 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.
This is contained in a statement issued in Abuja by the national public relations officer (PRO) of IPMAN, Yakubu Suleiman, as the body’s official reaction to the passage of the Petroleum Industry Bill by the National Assembly.
Suleiman said, “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.”
The IPMAN national Spokesman stated also observed that notable among the clauses in the historic Bill is the Petroleum Equalization section which would remain a main factor to stabilise the industry across the country.
The petroleum marketers affirmed: “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 Ahmmed 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.”