The pervasive insecurity in the country is partly responsible for the dearth of investment in the Nigeria’s oil and gas sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has said.
President of the union, Osifo Festus, who disclosed this yesterday, at the grand finale of PENGASSAN security awareness campaign in Abuja, explained that while the three per cent contained in the Petroleum Industry Bill (PIB) as passed by the National Assembly has generated furore, it was a good starting point.
He added that with about $45 million that the three per cent would translate to, efficient utilisation of the fund would register positive impacts in the lives of the Niger Delta region.
Osifo also revealed that while PENGASSAN has never advocated for the refineries to be sold, it insists on adopting the Public-Private Partnership in the running of the nation’s refineries.
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