The Chairman of the Major Oil Marketers Association of Nigeria has mentioned the nation would rake in revenue from fines and sanctions in the oil and fuel sector following the implementation of the Petroleum Industry Act, PIA.
Olu Adeosun, the Chairman of MOMAN, disclosed this on Thursday in a Channels Television interview monitored by Media Talk Africa.
According to him, he’s optimistic that the PIA would reposition the oil and fuel sector.
He mentioned the PIA had introduced a variety of positivity to how issues are carried out in the trade.
“If you look at the recent development from regulators in the industry, there is a lot of positivity regarding what has been done.
“I can assure you that companies in the industry are being sanctioned. As we look into the PIA world, the only way to hold players accountable is to be clear on the rule.
“I can assure you that more revenue will come to the government. I don’t cynically mean this; some sanctions and fines for offenders in the sector. Given the visibility it has today, we have to believe that the PIA will work,” he mentioned.
In 2021, former president Muhammadu Buhari signed the Nigerian Petroleum Industry Act to overhaul the oil and fuel sector.
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