He said that the Bill would help to create more jobs for Nigerians, and foster an environment conducive for business.
He said in a statement on Saturday in Abuja that the Bill would help to create more jobs for Nigerians, and foster an environment conducive for business for petroleum operations when made law.
Alasoadura said that under the PIGB, it would become illegal to employ foreigners for certain skills that could be sourced locally.
He said that even “where such skills are sourced abroad due to unavailability locally, it will be mandatory for Nigerians to understudy such individual.”
He added that PIGB would enhance exploitation and exploration of petroleum resources in the country for the benefit of all Nigerians.
The lawmaker said that it would also increase power generation and industrial development capacity of Nigeria through abundant domestic gas supply.
He said the law would also create profit-driven oil entities, encourage investment in the nation’s petroleum industry and greatly increase government’s revenue.
“Government revenue from oil industry will increase. This means more funds in the hands of government to engage in developmental activities.
“The downstream sector will become fully deregulated. In other words, subsidy will be totally removed,” he said.
Alasoadura also said the bill would bring about full deregulated and liberalized downstream petroleum sector, create efficient and effective regulatory agencies and promote the development of Nigerian local content in the oil industry.
Besides, he said that the emphasis on local content would not only be in the area of skills, but would also be applicable to materials sourcing.
“This means more jobs for Nigerian local contractors, especially those from the oil producing regions.
“The PIGB vests ownership and management of all petroleum resources, offshore or onshore, in the Federal Government of Nigeria, which is to manage them on behalf of all Nigerians.
“This means that irrespective of where the oil is found, it belongs to the government of Nigeria. Of course, equity calls for special consideration for localities where the resources are mined," Alasoadura said.