For the Record: OPENING REMARKS BY THE PRESIDENT OF THE SENATE OF THE FEDERAL REPUBLIC OF NIGERIA, HIS EXCELLENCY, (DR.) ABUBAKAR BUKOLA SARAKI, CON, AT THE 3-DAY PUBLIC HEARING ON THE PETROLEUM INDUSTRY BILLS, HELD AT THE NATIONAL ASSEMBLY COMPLEX

Last but not least, is the Petroleum Host and Impacted Communities Bill, which provides for a legal framework for the development of the petroleum host and impacted communities. It is a pan-Nigeria Bill that will cater for communities that are hosts to upstream assets, as well as significant midstream and downstream assets and infrastructure.

The Petroleum Host and Impacted Communities Bill is unique because it overcomes the pitfalls of past efforts; and is structured to bring funding for the development of host communities, under the direct control of the communities themselves. We expect the Bill to make for greater harmony and partnership among the various stakeholders in the sector. I urge everyone to pay particular attention to presentations by representatives of host communities.

In closing, let me state that the outcome of this Public Hearing is very important to our economy and to the livelihood of all Nigerians as well as the interests of investors. We have the task of delivering these Bills which, together, will enhance the growth of our oil and gas industry, modernise our fiscal system and enhance competitiveness, while creating harmony for all stakeholders.

It is our expectation that, with your active participation, we will have Bills that truly reflect the aspirations of Nigerians. We have an opportunity to show that the momentous passage of the PIGB was by no means a one-off. Let us power ahead with the radical transformation of our oil and gas sector.

On that note, I wish you successful deliberations, as I now formally declare open the Public Hearing on the Petroleum Industry Bills.

Thank you.

THE PRESIDENT OF THE SENATE