The Senate has described the assent by President Mohammadu Buhari to the Petroleum Industry Bill(PIB) as a major victory that has the potential of bailing Nigeria out of its economic predicament and an act that will enable the country to make the most of economic gains in the oil industry for the benefit of Nigerians.
Chairman, Senate Committee on Media and Public Affair, Ajibola Basiru, in a statement on Monday congratulated the executive arm of the government led by President Muhammadu Buhari and the leadership as well as members of the National Assembly and all other stakeholders in the oil industry.
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He noted that past efforts at reaching this stage have been protracted as the bill, which was first initiated in 2003 were fraught with complications between the previous legislatures and the executive.
Basiru explained that the 9th National Assembly finally broke the jinx when it recently passed the bill after working dispassionately by putting the interest of the nation first over petty squabbles and other self-interests, thereby laying finally to rest previous failed attempts.
Basiru attributed the success of the assent to the bill which has now become an Act to the joint efforts of all participating sectors in the process and also the nonconfrontational policy of the present National Assembly.
Speaking on the benefits of the law, Basiru said that it will juice up the national economy by liberalising the Petroleum Sector and that it will pave way for investors, both local and international to invest in the oil sector with the government on a competitive basis.
President Buhari had on September 2, 2020, forwarded a draft of the bill to both chambers of the National Assembly.
Editor: Paul Akhagbemhe
