By Lola Omowaye & Bukola Olamona
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The Senator representing Ondo Central Senatorial District, Omotayo Alasoadura has donated an Oil and Gas Research Centre to the Federal University of Technology, Akure(FUTA), to boost research in the oil sector.

Alasoadura made the donation on Thursday said the research centre worth nothing less than N457 million, stressed that his passion for education is an inborn thing despite his inability to go through higher institution.

He noted that the centre would be for research purposes for the benefits of the sector and the generality of Nigerians.

The sanatorium promised that he would continue to do everything and anything for the growth and development of education in Nigeria.

According to him, it is only through sound and quality education that the polity especially the incoming generation can succeed.

Alasoadura, who is also Chairman of Senate Committee on Petroleum (Upstream), said that the centre would be an avenue of excellence and would draw more people to the institution and the state.

Earlier in his lecture titled: “Framework for the Development of Nigerian Oil and Gas Industry: Challenges and Opportunities”, said that the eighth National Assembly was doing its best to transform the oil and gas sector by ensuring private partnership and regulations through four different bills which he said were yet to be assented to by the President, Mohammadu Buhari.

The bills which he said the president is yet to assent to include:Petroleum Industry Governance Bill, Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host and Impacted Communities Bill.

“The four bills are very laudable and would provide the opportunities for total transformation of the Nigerian oil and gas industry.

He noted that the bills if passed into law will attract substantial investments that will stimulate growth even enough in other sectors of the Nigerian economy.

He added that the bills would enhance the regulation and administration of the industry and modernise fiscal system and enhance competitiveness while creating harmony for all stakeholders in the sector.

Alasoadura, therefore, highlighted negative implications of not signing the bills into laws such as: progressive decline in revenue accrued to government, continuous decline in production and reserves, deferment of core investments and absent of funding for new investments.