Buhari: Nigeria lost $50bn due to delayed passage of Petroleum Industry Bill
Sylya heads implementation c’ttee
President Muhammadu Buhari on Wednesday said Nigeria lost an estimated $50billion worth of investments in ten years as a result of uncertainty arising from non-passage of the Petroleum Industry Bill (PIB).
Buhari said this at a ceremony on passage of the Petroleum Industry Act (PIA), which preceded the Federal Executive Council (FEC) meeting held at the Presidential Villa, Abuja. 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.
He said assent of the Petroleum Industry Bill on August 16, 2021, marked the end of decades of uncertainty and underinvestment 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$50 billion worth of investments due to uncertainty created by the non-passage of the PIB,” he said.
While noting that signing of the bill was part of the administration’s commitment to building a competitive and resilient petroleum industry, the President said: “As a nation that depends on oil resources for the development of other sectors, Nigeria runs a Petroleum Industry that is governed largely
The President, who said the Minister of State for Petroleum Resources, Timipre Sylva, will head the implementation team, urged all Ministries, Departments and Agencies (MDA) to adjust to the transition, designed to reposition the economy.
Meanwhile, President Buhari has commenced the implementation of the newly signed Petroleum Industry Act (PIA) with the approval of a steering committee headed by the Minister of State, Petroleum Resources, Timipre Sylva to oversee the process.
The committee has 12 months duration for the assignment, and periodic updates will be given to the President.
Senate President Lawan, while speaking on the assented Petroleum industry bill cautioned against tampering or manipulation in the disbursement of the 3 per cent (500 million dollars) compensation which accrues to host communities by the appointed people.
He urged prudent deployment of the money, specifically earmarked to engender development in the host communities and end their suffering.