Directs all MDAs to comply within 12 months

The President, Major General Muhammadu Buhari (retd.), has lamented a loss of $50bn worth of investments in the petroleum industry since 2011 due to the absence of the Petroleum Industry Act.

Buhari made this assertion in Abuja on Wednesday at a ceremony on passage of the PIA, which preceded the Federal Executive Council meeting.

Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled ‘Nigeria Lost Estimated $50bn Worth Of Investments In 10 Years Due To Stagnation, Uncertainty Over Petroleum Industry, Says President Buhari’.

According to the President, the loss was due to the uncertainty of non-passage of the Petroleum Industry Bill, lack of progress and stagnation in the petroleum industry which he blamed on the lack of political will on the part of past administrations to actualize the needed transformation.

The President said assent of the Petroleum Industry Bill on August 16, 2021, marks the end of decades of uncertainty and under-investment in Nigeria’s petroleum industry.

He said, “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was a 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$50bn worth of investments due to uncertainty created by the non-passage of the PIB.

“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

“In view of the value our Nation and investors will derive from a stable fiscal framework for the oil and gas industry, our Administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB.’’

The president noted that the signing of the bill was part of the regime’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve revenue base, create jobs and support the economic diversification agenda.


He added that the PIA became necessary because Nigeria runs a Petroleum Industry that is governed largely by laws enacted over 50 years ago such as the principal legislation; the Petroleum Act of 1969 and other outmoded legislations.

He appealed to host communities to accept the new regulation saying that it would bring lasting benefits to them.

“The Act also provides for a direct benefit framework that will enable the sustainable development of Host Communities. I appeal to the host communities to look carefully at the contents of the Bill which in the implementation will bring real and lasting benefits to them.

“Furthermore, the Act provides for a deliberate end to gas flaring which would facilitate the attainment of Nigeria’s Nationally Determined Contributions of the Paris Agreement through a funding mechanism to support gas flare out of the project in host communities,’’ he added.

While directing the immediate implementation of the framework for the PIA, he urged all relevant stakeholders to comply and reposition for full activation within 12 months.

According to him, the Minister of State for Petroleum Resources, Timipre Sylva, will head the implementation team, urging all Ministries, Departments and Agencies to adjust to the transition, designed to reposition the economy.

“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape.

“The implementation process to be headed by the Hon Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12 months. I am therefore directing all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law,’’ he said.

Buhari further thanked the 9th National Assembly for its demonstration of mutual harmony with the Executive in the passage of the bill.

In attendance were the Senate President, Dr Ahmed Lawan, Deputy Senate President, Ovie Omo-Agege, Deputy Speaker Ahmed Wase and other lawmakers, members of the Federal Executive Council and Group Managing Director of the NNPC, Mele Kyari.

https://punchng.com/nigeria-lost-50bn-to-delayed-passage-of-pib-buhari/

It is no longer petroleum industry bill, but petroleum industry act.
Waiting for NNPC to frizzle out.
Lalasticlala.

[img]https://c./XwHg68gyY5AAAAAC/bs-bs-meter.gif[/img]

NwaNimo1:
[img]https://c./XwHg68gyY5AAAAAC/bs-bs-meter.gif[/img]

It has cut the scale now?

iwaeda:
Directs all MDAs to comply within 12 months

The President, Major General Muhammadu Buhari (retd.), has lamented a loss of $50bn worth of investments in the petroleum industry since 2011 due to the absence of the Petroleum Industry Act.

Buhari made this assertion in Abuja on Wednesday at a ceremony on passage of the PIA, which preceded the Federal Executive Council meeting.

Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled ‘Nigeria Lost Estimated $50bn Worth Of Investments In 10 Years Due To Stagnation, Uncertainty Over Petroleum Industry, Says President Buhari’.

According to the President, the loss was due to the uncertainty of non-passage of the Petroleum Industry Bill, lack of progress and stagnation in the petroleum industry which he blamed on the lack of political will on the part of past administrations to actualize the needed transformation.

The President said assent of the Petroleum Industry Bill on August 16, 2021, marks the end of decades of uncertainty and under-investment in Nigeria’s petroleum industry.

He said, “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was a 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$50bn worth of investments due to uncertainty created by the non-passage of the PIB.

“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

“In view of the value our Nation and investors will derive from a stable fiscal framework for the oil and gas industry, our Administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB.’’

The president noted that the signing of the bill was part of the regime’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve revenue base, create jobs and support the economic diversification agenda.


He added that the PIA became necessary because Nigeria runs a Petroleum Industry that is governed largely by laws enacted over 50 years ago such as the principal legislation; the Petroleum Act of 1969 and other outmoded legislations.

He appealed to host communities to accept the new regulation saying that it would bring lasting benefits to them.

“The Act also provides for a direct benefit framework that will enable the sustainable development of Host Communities. I appeal to the host communities to look carefully at the contents of the Bill which in the implementation will bring real and lasting benefits to them.

“Furthermore, the Act provides for a deliberate end to gas flaring which would facilitate the attainment of Nigeria’s Nationally Determined Contributions of the Paris Agreement through a funding mechanism to support gas flare out of the project in host communities,’’ he added.

While directing the immediate implementation of the framework for the PIA, he urged all relevant stakeholders to comply and reposition for full activation within 12 months.

According to him, the Minister of State for Petroleum Resources, Timipre Sylva, will head the implementation team, urging all Ministries, Departments and Agencies to adjust to the transition, designed to reposition the economy.

“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape.

“The implementation process to be headed by the Hon Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12 months. I am therefore directing all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law,’’ he said.

Buhari further thanked the 9th National Assembly for its demonstration of mutual harmony with the Executive in the passage of the bill.

In attendance were the Senate President, Dr Ahmed Lawan, Deputy Senate President, Ovie Omo-Agege, Deputy Speaker Ahmed Wase and other lawmakers, members of the Federal Executive Council and Group Managing Director of the NNPC, Mele Kyari.

https://punchng.com/nigeria-lost-50bn-to-delayed-passage-of-pib-buhari/

olofo OP. what's the difference between you and buhari when you spoil other people legitimate hustle because of your useless feelings

I think what the Presidency should do after signing into Law this Bill is sensitization of the public what the public will expect from the signing. Many Nigerians don't know what the Bill is all about. They only know 30% for North and 3% for South. Few others understand as removal of fuel subsidy. So the government need to do a big work. The 2 mentioned areas above were the two least of the PIB from my understanding.

Lavidalo:

olofo OP. what's the difference between you and buhari when you spoil other people legitimate hustle because of your useless feelings

Why Olofo, if you do well, will you not be happy.

iwaeda:

Why Olofo, if you do well, will you not be happy.

fück off bitter human being. you just made no point.


may God destroy every Pere in our lives like this ewu

Lavidalo:
fück off bitter human being. you just made no point.


may God destroy every Pere in our lives like this ewu

If you are doing what is right, your noise will not be much like this, bros duping people is NOT Good!
God will not destroy me. Country is hard, but you dont exploit struggling people like you.

I Love PMB

Okoroawusa:
I Love PMB

You are not normal then

My own issue is this; in a govt filled with illiterates and half-baked/unqualified office holders, who did the calculation and arrived at $50b?
They're all mad, with the vegetable leading the madness train.

Says the most curropt president in history. Because it favors your parasitic region you are regretting the delay in the passage of the bill

Fahdiga:
Says the most curropt president in history. Because it favors your parasitic region you are regretting the delay in the passage of the bill

Fahdiga you too wail? Nothing positive ever comes from you, soo much negativity? Are you a Fulani that has been short changed?

AntiBeEmCe:
My own issue is this; in[b] a govt filled with illiterates and half-baked/unqualified office holders[/b], who did the calculation and arrived at $50b?
They're all mad, with the vegetable leading the madness train.

If you have better qualifications, why don’t you have a better paying job in the private sector?

Buckeyemedia1:
Fahdiga you too wail? Nothing positive ever comes from you, soo much negativity? Are you a Fulani that has been short changed?

Instead of you to be happy with my patriotic activities you are here accusing me wrongly. Do you know what might have become of Nigeria if people like us are not putting pressure on the Junta. Try and Know the difference between criticism and wailing

Buckeyemedia1:
If you have better qualifications, why don’t you have a better paying job in the private sector?

Look at this regurgitated foul thing quoting me. The mere idea of replying yu is disgvsting enough. So I won't even bother reading any other trash from you, talk more of replying.

AntiBeEmCe:
My own issue is this; in a govt filled with illiterates and half-baked/unqualified office holders, who did the calculation and arrived at $50b?
They're all mad, with the vegetable leading the madness train.

BMC, there is one Acclaimed Tax Auditor who knows EVERYTHING.

Fahdiga:
Instead of you to be happy with my patriotic activities you are here accusing me wrongly. Do you know what might have become of Nigeria if people like us are not putting pressure on the Junta. Try and Know the difference between criticism and wailing

They dont know, everything is negative to them. They are averse to constructive sensitization!

iwaeda:


They dont know, everything is negative to them. They are averse to constructive sensitization!

Don't mind them bro. They don't understand

Fahdiga:
Don't mind them bro. They don't understand

Are they happy Nigeria is being run this way, even GEJ they demeaned had better understanding of the economy than this. Rice was still 8k per bag, now they claimed Nigeria is self sufficient in food production, rice is 28k. Last week I followed my wife to the market, I really understood what people are going through.

$50bn x #529=

iwaeda:


Are they happy Nigeria is being run this way, even GEJ they demeaned had better understanding of the economy than this. Rice was still 8k per bag, now they claimed Nigeria is self sufficient in food production, rice is 28k. Last week I followed my wife to the market, I really understood what people are going through.

Bro posterity will be kind to you and your generation. You are an upright man and God will always love and bless you my dear

iwaeda:


If you are doing what is right, your noise will not be much like this, bros duping people is NOT Good!
God will not destroy me. Country is hard, but you dont exploit struggling people like you.

are you mad? Duoe which people? Nawa o you just come online and accuse someone without any fact and you're still claiming right. Na God go punish you oloriburuku somebody.

Lavidalo:
are you mad? Duoe which people? Nawa o you just come online and accuse someone without any fact and you're still claiming right. Na God go punish you oloriburuku somebody.

Back to sender, get life sir!

iwaeda:

Back to sender, get life sir!

fück off stupid idiot

Fahdiga:
Bro posterity will be kind to you and your generation. You are an upright man and God will always love and bless you my dear

Nigerians have short memories or poverty has taken a toll on our reasoning. People see white and call it black.

Lavidalo:
fück off stupid idiot

See it pain you for exposing your game. Even MTN dont do this kind of promo. If I offend you, please have mercy.
Next time, kindly desist from posting something like this on my thread. You can open yours and do so.

A bill that is not two day old, Lawan is talking of amendment, Lalla n lala.

iwaeda:


See it pain you for exposing your game. Even MTN dont do this kind of promo. If I offend you, please have mercy.
Next time, kindly desist from posting something like this on my thread. You can open yours and do so.

outdated fool people are buying cheap data everyday keep living in the past.