“All the hazards that follow the production of oil, mostly environmental hazards, are as a result of the absence of regulatory environments,” .
“These laws when put in place, will not only regulate the environment but will also create room for value addition both in the oil-bearing communities, the oil-producing companies and government royalties. So, it is going to be a value chain. The benefits are going to be so enormous”.
The Governor commended President Buhari for signing the bill into law, noting that it had been a struggle over the years.
“I must say that the enactment and signing to law of the Petroleum Industry Bill by Mr President is a very welcome development for which we must congratulate him.
“Recall that the past assemblies even before I joined the senate during the 7th National Assembly, made efforts to amend the Petroleum Act which was enacted in 1969 which also became analog but it has not been possible. That the President has been able to break this jinx is a welcome development for which we must congratulate him”.
The oil-producing states in Nigeria are Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Abia, Imo and Lagos.
According to a statement signed by presidential spokesperson Femi Adesina on Monday, the President signed the bill into law while in quarantine, after his arrival from the United Kingdom.
“The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement said.