The Federal Government on Thursday pledged to sign the Petroleum Industry Bill soon.
Timipre Sylva, the Minister of State for Petroleum Resources, offered his guarantee in Abuja that the bill will be signed into law because it would bring the oil sector into the light.
When members of the Corruption Reporters’ Board of Trustees handed him an award for advancing the fight against corruption, he mentioned that.
While it took nearly 15 years for the bill to make it through both chambers of the National Assembly, the passage of the PIB was stopped last week when both chambers of the assembly approved the measure that, according to experts, will further unlock the potentials in Nigeria’s oil sector.
In discussing the PIB, which had been passed by the National Assembly, Sylva said, “The PIB, which has just been enacted, will shortly be signed into law.”
It will advance transparency and openness in the petroleum business while also changing the country’s petroleum narrative.
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Additional initiatives, such as transparency and corruption control, were also part of the administration’s overall strategy for government reform.
According to him, in Nigeria, corruption might be found at three different levels: at the point of income collection, the treasury, and the execution of contracts.
The Treasury Single Account has had a notable impact on the revenue collection and treasury operations, however it has only impacted practices in terms of contract implementation thus far.
Reporting of sharp practices is everyone’s responsibility at the third level.
He expressed pride in the organisation for having given him the award for being an anti-corruption crusader, and vowed to keep fighting any attempts to tarnish the reputation of the Nigerian oil sector.
Tanko said the minister has brought accountability and openness to the oil industry due to which he was awarded an award.
In other measures, the minister had contributed to the growth of the sector.