As Buhari Makes History with Petroleum Industry Act

Nigeria recorded a major progress on the Petroleum Industry Bill on Monday as President Muhammadu Buhari signed it into law exactly 48 days after it was passed by both arms of the National Assembly.Also, one must not lose sight of the major role played by Abba Kyari, the late Chief of Staff to the President, who contributed significantly towards shaping the new oil and gas framework

The legislation is designed to reform the Nigerian oil and gas industry. Its central aim of the law is to foster sustainable development in Nigeria’s oil and gas industry. On the other hand, at the House of Representatives, the bill was passed after Mohammed Monguno, chairman of the ad hoc committee on the PIB, presented the report and the lawmakers voted on 319 clauses of the bill. Monguno said by passing the bill, the ninth house would have succeeded in enacting important legislation.

More so, while the oil and gas sector contributes about 10 per cent to the country’s Gross Domestic Product, it contributes about 90 per cent of the foreign exchange earnings; 60 per cent of total income and to a large extent is a major barometer to determine the health of the country. The NNPC boss has been vocal and a major advocate on the need for the lawmakers to pass the bill which has been largely described as a game-changer for the country’s oil and gas industry.

He had also at a separate meeting stressed the need for the lawmakers to quickly move from the unstable situation the country was previously on the matter, to a stable one, saying the only way out was the passage of the PIB. Kyari had consistently maintained that for Nigeria to make the most of the industry, the passage of the PIB was imperative as it has the prospect to guarantee a robust fiscal regime, protect the environment, ensure development of host communities, ensure proper alignment with other sectors and encourage investors to expand their investments in Nigeria.

That was his Transparency, Accountability and Performance Excellence agenda, a five-step strategic roadmap.

Niger Delta's are really slaves with this PIA

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