…. National Assembly Joint Committees Embarks On Inspection Tour
…. Senator Ubah Reiterates Commitment Towards The Passage Of Petroleum Industry Bill
Anambra South Senator and Vice-Chairman of Senate Committee On Petroleum (Upstream), Senator Dr. Patrick Ifeanyi Ubah on Tuesday, applauded the Dangote Group for its commitment towards the timely completion of the Dangote refinery, petrochemicals complex, fertilizer plant and subsea gas pipeline projects in Ibeju Lekki, Lagos. The Senator made the commendation during an inspection tour to the project site by the Senate and House of Representatives Joint committees on Petroleum Industry Bill. According to the Senator, the facility will not only make regular availability of Petroleum products in the country but will also boost the production capacity of the Petroleum Industry and generate thousands of employments for the citizens.
Senator Ubah added that the need for more private Investors to invest in the area of private refineries cannot be over emphasized, appreciating Dangote Group for leading the way.
The inspection of the facility was part of the National Assembly’s oversight functions and was also done in order to give the law makers first hand informations that will enable them make proper debate and inputs on the Petroleum Industry Bill. According to the Chairman of Senate Committees on Petroleum Industry Bill, Senator Sabo Nakudu, with the new Bill coming up, the committee also intends to visit other refineries. The Committee Chairman who was overwhelmed by the investment by Dangote Group further said that the lawmakers remain committed towards a speedy passage of the Bill.
Also speaking, the Chairman House of Representatives Ad-hoc Committees on Petroleum Industry Bill Hon. Mohammed Monguno commended the Dangote group for the investment and said that the facility will help diversify the economy and boost foreign exchange reserves.
Commenting, the Dangote Group, represented by the Executive Director Strategy, Capital Projects and Portfolio Development, Mr Devakumar Edwin, applauded the commitment of government and the National Assembly to pass the Petroleum Industry Bill this year. He also said that the 650,000 barrels per day refinery will not only promote the Petroleum industry but also boost the Nigerian economy. Mr. Devakumar further urged the government to treat refineries like other manufacturing businesses and not like natural resource extraction businesses..
You may recall that the Prince of the Senate was instrumental to the passage and signing into law of the Deep Offshore and Inland Basin Production Sharing Contract Act which was expected to have generated at least $500m additional revenue for the Federal Government in 2020, and over $1bn from 2021.
“My ultimate wish is to contribute my own quota to the economic advancement of the country as a means of cushioning the devastating effects of the Covid-19 induced recession and downturn in the global economy ” The Senator Says .
Giving the vote of thanks on behalf of the joint delegation at the end of the site inspection , Distingushed Senator Dr Ifeanyi Ubah lauded the company for providing jobs to the youths in their thousands at the site and rescuing several families from poverty .