Nigeria Looses Billions for Failure to Amend Gas Law, Says Lawmaker
AREWA AGENDA – The Chairman House Committee on Petroleum Resources (Downstream) Hon. Abdullahi Mahmud Gaya has said Nigeria is a gas-rich country but relies heavily on oil for its income and failure to amend the law is costing the country billions of naira.
He made this known at a National Assembly Public Hearing organised by the Joint Committee on Gas Resources, Petroleum Resources, Upstream and Downstream, in Abuja themed: “Inclusion of Gas Terms in Production Sharing Contracts by the Nigerian National Petroleum Corporation (NNPC).”
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Hon. Gaya noted that it is an important part of the joint committee’s assignment to engage stakeholders in oil and gas to review statutes and make recommendations to the House of Representatives and Federal Government while pointing out that the Speaker of the House of Representatives, Femi Gbajabiamila has expressed commitment towards achieving a wholistic reform of the oil and gas sector in Nigeria.
He noted that Joint Committee were working round the clock to amend the law that will include natural gas sector in Nigeria’s oil contracts, saying some of the Gas laws in Nigeria has been in place since 1970 and has not been amended.
The observed that the hearing will give an opportunity for the joint committee made up of the committees on Gas Resources, Petroleum Resources (Downstream), Petroleum Resources (Upstream) and stakeholders across the oil and gas sector and the country to present information, and contribute ideas that will help the joint committee arrive at the proper conclusions and propose effective solutions.
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 Hon. Abdullahi Mahmud Gaya has said Nigeria is a gas-rich){kind=link}