Abuja — The Minister of State for Petroleum Resources, Ibe Kachikwu has said Nigeria must not celebrate progress on the Petroleum Industry Governance Bill (PIGB) yet unless something is done about the fiscal aspect of the bill.
Also, the Federal Government has deferred the award of new acreages until the PIGB is signed into law.
He also hinted that the Federal Government would prioritise gas supply to domestic market to boost economic growth and create jobs.
He therefore stressed that it has become a national priority to have certainty and clarity over operations of the petroleum industry as envisaged when the PIGB becomes law, saying the new legislation would foster more licensing rounds, enhance revenues and increased economic activities.
At a forum organised by the Nigeria Extractive Industries Transparency Initiative (NEITI) on the bill, yesterday in Abuja, Kachikwu said there was need to urgently look at the aspect to enable the country address revenue inflow to both the state and investors.