Governor of Imo State, Hope Uzodinma, has said that the signing of the Petroleum Industry Bill 2021 into law will help to regulate environmental hazards such as oil spillage.
Speaking on Politics Today on Channels Television on Tuesday, he said all the hazards that follow the production of oil, mostly environmental hazards, are as a result of the absence of regulatory environments.
He also noted that when these laws are put in place, it 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. He referred to it as value chain with enormous benefits.
The Governor commended President Buhari for signing the bill into law, noting that it had been a struggle over the years.
It will be recalled that the past assemblies had made efforts to amend the Petroleum Act which was enacted in 1969 which has became obsolete but it has not been possible.
The oil-producing states in Nigeria are Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Abia, Imo and Lagos.
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