Petroleum Industry Act: Experts Fault FG’s 12-month Implementation Plan

The committee has a 12 month duration for the assignment, and periodic updates will be given to Mr President,” Adesina said.

Sani also observed that the better part of 2022 would be dedicated to election matters and a period of gradual winding down of the present administration which will politically influence the decision of the committee. Obi, who advises on a wide range of matters in oil and gas, power, capital markets, power, and regulatory advisory services, said though he has not seen the terms of reference of the committee, nevertheless one year is enough time to deliver on all deliverables given that the law in itself has provided the structure to work on

FIRS chairman, Muhammad Nami, stated this yesterday at the ongoing 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy Paper during interaction with the House of Representatives Committee on Finance and Ministries, Departments and Agencies at the National Assembly Complex, Abuja. While reviewing the 2021 budget performance, the FIRS chairman said: “The Service 2021 approved MTEF projected revenue collection was N6.40 trillion representing N1.64 trillion and N4. 76 trillion for oil and non-oil respectively.

It reads in part: “The Petroleum Industry Act recently signed into law by President Muhammadu Buhari does not come as a surprise to the Niger Delta Congress. “Consequently, the NDC urges all the various ethnic nationalities of the region to reject this obnoxious law and immediately call for a total restructuring of this country and ensure we protect what is rightfully ours.”Also speaking, the President of the Senate, Dr. Ahmad Lawan cautioned against tampering or manipulating the disbursement of the three percent compensation which accrues to host communities by the appointed people.

“But you know from zero to over $500 million and with time, such issues will be further addressed but I want to also caution that it is not the $500 million that is more important but how we are able to prudently and transparently deploy this $500 million in the host communities. This time around, there should be no excuses for anybody to tamper with this money.

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