The All Progressives Congress (APC) congratulated President Muhammadu Buhari for signing the Petroleum Industry Bill (PIB) 2021 into law as passed by the National Assembly, saying such has ended the long jinx of the PIB delayed since early 2000s.
The governing party, however said Nigeria’s oil and gas industry which used to loose as much as $15 billion in investments annually due to the delayed passage of the PIB will now become a thing of the past.
In a statement released by the APC acting national secretary, James Akpanudoedehe, Tuesday in Abuja, said the new Petroleum Industry Act may not be a perfect document, adding that “no law anywhere in the world is a finished product.
“It is a good way to start, after decades of groping in the dark in the oil industry. Mr. President has broken the jinx on many fronts, this is a clear demonstration of the will of a leader, determined to do the right thing. We salute the President’s forthrightnes and his courage to lead Nigeria aright.
“The Party also hails the leadership of the National Assembly, federal lawmakers, public and private stakeholders in the petroleum industry as well as petroleum host communities for their cooperation which ensured the PIB’s successful legislative passage and subsequent presidential assent.
“The Nigerian economy is the ultimate beneficiary as the new Petroleum Industry Act will overhaul the oil and gas industry by providing legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities as well as offer new fiscal incentives to investors.
“Before now, Nigeria’s oil and gas industry lost as much as $15 billion in investments annually due to the delayed passage of the PIB. But that is about to change with the Petroleum Industry Act.”
The ruling party chided the Peoples Democratic Party (PDP) for “irresponsible attacks of the Petroleum Industry Act shows that the failed opposition party is ready to play politics with the weather.
“We ask what was the fate of the PIB during the wasted 16 years the PDP was in government. We will let the discerning public be the judge. Meanwhile, the APC will not get tired of righting the PDP’s wrongs.”