Blames past administrations for lacking political will to transform petroleum sector Gives Sylva-led committee 12 months to oversee implementation of petroleum act By Deji Elumoye President Muham…
Gives Sylva-led committee 12 months to oversee implementation of petroleum actPresident Muhammadu Buhari has disclosed that Nigeria lost an estimated $50 billion worth of investments in 10 years, due to the uncertainty of non-passage of the Petroleum Industry Bill , lack of progress and stagnation in the petroleum sector.
He said the stagnation in the petroleum industry affected the growth of the economy, citing lack of political will on the part of past administrations to actualize the needed transformation. President Buhari noted that the signing of the bill was part of the administration’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve the nation’s revenue base, create jobs and support Nigeria’s economic diversification agenda.
“The Act also provides for a direct benefit framework that will enable 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. The president said 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.
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