The implementation of the Petroleum Industry Act (PIA) 2021, according to President Muhammadu Buhari, is the country’s oil sector’s second-largest accomplishment.
President Buhari made the assertion at the presidential banquet hall in Abuja while formally opening the Nigeria International Energy Summit (NIES) 2023.
Buhari added that for decades, Nigerians were informed that it would be nearly difficult to pass the bill due to vested interests, who were represented by Boss Mustapha, the secretary to the government of the federation.
He officially enacted the Petroleum Industry Bill (PIB) 2021 on August 16, 2021.
The Nigerian petroleum industry, the growth of host towns and other connected issues are governed by the Petroleum Industry Act’s legal, governmental, regulatory, and budgetary framework.
A Revolutionary Bill
President Buhari referred to the bill as revolutionary.
He claimed that after taking office in 2015, his administration began sweeping reforms in an effort to address the problems it saw on the ground.
The Nigerian National Petroleum Company Limited (NNPC) was swiftly changed into a limited liability company, he told the gathering.
Also, he said that the government further moved to abolish the existing agencies and replace them with new regulators.
According to him, the new NNPC is on track to surpass all other African businesses in terms of size, capitalisation, and profitability.
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“Our perspectives have provided the incoming government with the tools to guide Nigerians’ energy future.
“I enjoin industry stakeholders to give the incoming administration the support and cooperation I received from you,” Buhari stated.
Also, he pointed out that until the end of his term in office, energy will continue to be his administration’s top concern.
“The funding and sanitisation of the oil and gas industry was the first challenge we overcame.
“After that, we moved on to remove the Federal Government from joint registrar cash go-funding.
“This relieved the Federal Government of its financial obligations to the oil industry.
“The Petroleum Industry Act (PIA) remains our second biggest achievement in the energy sector.
“For decades, we were told that because of various vested interests, it would be nearly impossible to pass the bill but we made it happen,” the President remarked.
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