The All Progressives Congress (APC), on Tuesday in Abuja, congratulated President Muhammadu Buhari for signing the Petroleum Industry Bill (PIB) 2021 into law.
Sen. John Akpanudoedehe, National Secretary, APC Caretaker and Extra-ordinary Convention Planning Committee (CECPC), in a statement, said the signing showed courage on the part of the President, to do the right thing.
He noted that the signing ended the long jinx, which had seen it delayed since the early 2000s.
According to the APC scribe, the new law may not be a perfect document, because no law anywhere in the world is a finished product.
He, however, said the presidential assent to the PIB was a good way to start, especially after decades of groping in the dark in the oil industry.
“President Buhari 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,” he said.
He also hailed the leadership of the National Assembly, Federal lawmakers, public and private stakeholders in the petroleum industry, as well as petroleum host communities.
He appreciated them for their cooperation, which, he explained, ensured a successful legislative passage and subsequent presidential assent.
Akpanudohedehe added that the Nigerian economy was the ultimate beneficiary, as the Petroleum Industry Act would overhaul the oil and gas industry.
This, he said, would be 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.
He noted that before now, Nigeria’s oil and gas industry lost as much as 15 billion dollars in investments annually, due to the delayed passage of the PIB.
He added that this was about to change with the Act.
The scribe said the Peoples Democratic Party (PDP) attack of the new, law showed that it was ready to play politics with the weather.
He added that though past administrations did not give priority to the PIB, the APC government would not get tired of righting wrongs of past administrations. (NAN)
