This, according to him, was a result of the uncertainty of
the non-passage of the Petroleum Industry Bill (PIB), lack of progress and
stagnation in the petroleum industry.
In his remarks at a ceremony on passage of the PIA, which
preceded the Federal Executive Council (FEC) meeting, the President said the
stagnation affected growth of the economy, citing lack of political will on the
part of past administrations to actualize the needed transformation.
President Buhari said assent of the Petroleum Industry Bill
on August 16, 2021, marked the end of decades of uncertainty and
under-investment in the petroleum industry.
“We are all aware that past administrations have identified
the need to further align the industry for global competitiveness, but there
was lack of political will to actualize this needed transformation.
“This lack of progress has stagnated the growth of the
industry and the prosperity of our economy. In the past ten years, Nigeria has
lost an estimated US$50billion worth of investments due to uncertainty created
by the non-passage of the PIB.
“This administration believes that the timely passage of the
Petroleum Industry Bill will help our country attract investments across the
oil and gas value chain.
“In view of the value our Nation and investors will derive
from a stable fiscal framework for the oil and gas industry, our Administration
has found it necessary to work with the two chambers of the National Assembly
to ensure the passage of the PIB,’’ he said.
According to a statement by his special media aide, Femi
Adesina, the President noted that the signing of the bill was part of the
administration’s commitment to building a competitive and resilient petroleum
industry that will attract investment, improve the country’s revenue base,
create jobs and support the economic diversification agenda.
President Buhari said as a “nation that depends on oil
resources for the development of other sectors, Nigeria runs a Petroleum
Industry that is governed largely by laws enacted over 50 years ago such as the
principal legislation; the Petroleum Act of 1969 and other obsolete
legislations.’’
According to him, the Presidential assent of the bill to
“Petroleum Industry Act 2021” marked the beginning of the journey towards a
competitive and resilient petroleum industry that will attract investments to
support the nation’s Economic Recovery and Growth Plan.
“The ‘Petroleum Industry Act 2021’ creates a regulatory
environment that would ensure efficiency and accountability across the oil and
gas value chain and reposition NNPC to a commercially driven National Petroleum
Company that is accountable to the Federation.
“The Act also provides for a direct benefit framework that
will enable sustainable development of host communities. I appeal to the host
communities to look carefully at the contents of the Bill which in the
implementation will bring real and lasting benefits to them.
“Furthermore, the Act provides for deliberate end to gas
flaring which would facilitate the attainment of Nigeria’s Nationally
Determined Contributions of the Paris Agreement through a funding mechanism to
support gas flare out project in host communities,’’ he added.
President Buhari said the administration believes that the
timely passage of the Petroleum Industry Bill will help the country attract
investments across the oil and gas value chain.
While directing immediate implementation of the framework
for the Petroleum Industry Act (PIA), he urged all relevant stakeholders to
comply and reposition for full activation within 12 months.
The President said the Minister of State for Petroleum
Resources, Timipre Sylva, will head the implementation team, urging all
Ministries, Departments and Agencies (MDA) to adjust to the transition,
designed to reposition the economy.
“To consolidate the commitment of this administration to
delivering the value proposition of this law, I have approved an implementation
framework commencing immediately to ensure the industry envisaged in the new
law begins to take shape.
“The implementation process to be headed by the Hon Minister
of State, Petroleum Resources is hereby tasked with the completion of the
implementation of this act within 12 months. I am, therefore, directing all
relevant Ministries, Departments and Agencies of government to fully cooperate
in ensuring the successful and timely implementation of this law,” he said.
President Buhari commended the leadership of the 9th
Assembly for what he described as their continued pursuit of national
aspiration and demonstration of mutual harmony with the executive in the
pursuit of patriotic outcome in the passage of the PIB.
“I also commend the entire team in the executive that worked
tirelessly to ensure the delivery of this strategic legislation for our
country. I thank Nigerians and other industry stakeholders for their
contributions and support in achieving this historic landmark,” he said.
The ceremony was attended by the Senate President, Dr. Ahmed
Lawan, Deputy Senate President, Ovie Omo-Agege, Deputy Speaker Hon. Ahmed Idris
Wase and other lawmakers, members of the Federal Executive Council (FEC) and
Group Managing Director of the NNPC, Mele Kyari.
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