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Nigeria lost $50bn to the delayed passage of PIB -Buhari
President Muhammadu Buhari 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 to the Petroleum Industry Bill on August 16, 2021, marked 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 10 years, Nigeria has lost an estimated $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.
“Because 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 NNPC, Mele Kyari.
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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