Oil, gas sector needs reform. NLC cries

The NIGERIA Labour Congress, NLC, weekend in Port
Harcourt, Rivers State, called on President Muhammadu Buhari's government
to commence the reform of the oil and gas sector with the immediate passage
of the Petroleum Industry Bill, PIB.
At its National Executive Council, NEC, meeting, the Joe Ajaero's faction of
the union insisted that PIB was expected to bring into the sector the much
anticipated reforms that would make the oil industry more accountable,
transparent and yield the maximum returns to the country and generate further
investments in the oil and gas sector.
A communique released at the end of the meeting read: "NEC in session
observed that the intractable problem of petroleum supply and pricing cannot
be simplistically solved by 'removal' of Petroleum Subsidy on supply that is
largely dependent on importation of refined petroleum products that are
subjected to fluctuating international pricing and benchmarked on Dollar-Naira
exchange rate.
''The problem is much deeper and interconnected but it is important, that we
address the benefit of local production and refining of crude oil to meet local
consumption needs in the short term and position for export of refined
petroleum products in the long term."