By Ikechukwu Okaforadi
All Progressives Congress (APC) has said the decision by President Muhammadu Buhari to sign the Petroleum Industry Bill (PIB) 2021 into law as passed by the National Assembly, has not only ended the long jinx which has seen the PIB delayed since early 2000s, but will earn Nigeria’s petroleum industry an annual investment of not less than $15 billion.
A statement issued yesterday by the National Secretary of the APC Caretaker Extraordinary Convention Planning Committee (CECPC), John James Akpanudoedehe, said 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 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”, APC said in the statement.
The party further pointed out that 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, just as it will develop the host communities as well as offer new fiscal incentives to investors.
It said 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 expressed delight that this situation is about to change with the Petroleum Industry Act.
The ruling party therefore said the opposition Peoples Democratic Party (PDP) attacks on the Petroleum Industry Act is irresponsible and shows that the 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”, APC said.
