Reps want local vendors in oil, gas sector paid

House of Representatives

The House of Representatives on Wednesday called for the payment of local vendors in the oil and gas industry in the bid to save the industry.

This followed a motion by Rep. Henry Nwawuba (PDP-Imo), which was unanimously adopted by members through a voice vote.

Moving the motion, Nwabuba explained that Local Content Act was primarily intended to promote local players in the oil and gas industry.

He added that the Act was also to protect them against unfair practices tending to give their foreign counterparts dominance and advantage in the oil and gas sector of the Nigerian economy.

“All transactions and contracts between the Federal Government and the contractors on one hand and the contractors amongst themselves, on the other hand, are regulated by a policy of 60 to 40 percent ratio,” he…