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

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BREAKING: Buhari signs Petroleum Industry Bill into law - Punch NewspapersThe most widely read newspaper in Nigeria Let some EFULEFUS from the south still keep deceiving themselves! It is all clear now! Alright now punch you people has a duty to bring to fore the content of this new PIB for people that are not abreast with it .
Source: MobilePunch - 🏆 8. / 63 Read more »

After A Long Wait, Buhari Signs Controversial Petroleum Industry Bill Into Law | Sahara ReportersThe Petroleum Industry Act provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters. The watered down Petroleum Bill... 3% no b juju b dat 😂 season film about to start o HMMMMMMH
Source: SaharaReporters - 🏆 9. / 63 Read more »

Breaking: Buhari Signs Petroleum Industry BillPresident Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law. The President assented to the Bill on Monday, a State House statement said. With the Presidential assent, the Petrol…
Source: THISDAY LIVE - 🏆 14. / 51 Read more »