The All Progressives Congress (APC) has disclosed that through the recently signed Petroleum Industry Bill (PIB), the country would be saving $15 billion lost annually in investments due to the delayed passage of the legal framework.
It explained that other opportunities and fundings been lost by the Nigeria’s oil and gas industry would be halted and real change that would ensure development of the sector would be effected through the new legislation.
The APC Caretaker Extra-Ordinary Convention Planning Committee (CECPC) Secretary, John Akpanudoedehe, said that by assenting the bill, President Muhammadu Buhari has ended the long jinx that characterised its passage since its deliberations began 20 years ago.
Through a statement on Tuesday, Akpanudoedehe congratulated Buhari for the feat recorded since the early 2000s that the bill was initiated, adding that though it provisions may not be perfect, there was room for adjustments that would pilot the industry to enviable heights.
According to him, the new Petroleum Industry Act may not be a perfect document. 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 forthrightness and his courage to lead Nigeria aright,” the statement said.
The ruling party also hailed 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, however, condemned the Peoples Democratic Party (PDP) over its position on the bill passage, describing the attack on the PIB Act by the opposition as irresponsible.