ICYMI: PIA implementation begins next year | The Guardian Nigeria News - Nigeria and World News
Deputy President of the Senate, Ovie Omo-Agege ; Deputy Speaker, House of Representatives, Ahmed Wase; Vice President Yemi Osinbajo; President Muhammadu Buhari and President of the Senate, Ahmad Lawan during unveiling of the Petroleum Industry Act committee at the Presidential Villa in Abuja…yesterday. PHOTO: PHILIP OJISUA• Says Nigeria lost $50b worth of investment in 10 yearsThe Federal Government has embargoed implementation of the Petroleum Industry Act till August 2022.
The primary responsibility of the steering committee will be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.The PIA provides legal, governance, regulatory and fiscal framework for the petroleum industry, development of host communities and related matters.
President Buhari noted that 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 President commended the leadership of the ninth Assembly for their continued pursuit of national aspiration and demonstration of mutual harmony with the executive in the pursuit of patriotic outcome in passage of PIB.
According to the statement, ‘the new PIA presents a convincing credential of the commitment of our party, APC, to restructure the Nigerian economy through the democratic process in line with provisions of the 1999 Constitution as amended.
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