President assent to PIB will bail Nigeria out of its economic predicament—Senate

Senate has described the signing into law,  the Petroleum Industry Bill, PIB, 2021 by President Muhammadu Buhari as major victory that will help bail Nigeria out of its economic predicament. According to the Senate, assent to the PIB would  enable Nigeria as a country to make  most of economic gains of the oil industry for the general benefit of Nigerians. In a statement yesterday by the Chairman, Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, All Progressives Congress, APC, Osun Central,  the Upper Chamber stressed that signing the Bill into law,  it will juice up the National Economy by liberalising the Petroleum Sector, adding that it will  pave  way for investors, both local and international to invest in the oil sector with government on a competitive basis.

Senator Basiru in the statement congratulated the Executive arm of the government led by President Muhammadu Buhari, the leadership and members of the National Assembly and all other stakeholders in the oil industry. The statement read, “The Senate has described the assent by President Muhammadu Buhari to the Petroleum Industry  Bill, PIB  as a major victory that has the potential of bailing Nigeria out of its economic predicament and an act that will enable the country to make the most of economic gains of the oil industry for the benefit of Nigerians. Making the remarks today( yesterday)  is the Chairman, public Affairs Committee of the Senate, Dr. Surajudeen Ajibola Basiru while congratulating the Executive arm of the government led by President Muhammadu Buhari, the leadership and members of the National Assembly and all other Stakeholders in the oil industry.

“Efforts at reaching this stage have been  protracted affairs as the Bill, first initiated in 2003,  had been subjected to a ping pong affair between the previous Legislatures and the Executive. The 9th National  Assembly finally broke the jinx when it recently passed the Bill after working dispassionately by putting the interest of the Nation first over petty squabbles and other self interests, thereby laying finally to rest,  previous failed attempts. Dr. Basiru attributed the success of the assent to the Bill which has now become an Act to the cooperative efforts of all participating sectors in the process and also the non confrontational policy of the present National Assembly. Talking about the benefits of the law, Dr Basiru said that it will juice up the National Economy by liberalising the Petroleum Sector and that it will  pave the  way for investors, both local and international to invest in the oil sector with government on a competitive basis.

It will be recalled that President Buhari had on September 2, 2020 forwarded a draft of the bill to both chambers of the National Assembly. Also recall that the Senate had passed the Bill on July 15, 2021, while the House of Representatives did same on July 16, thus ending a long wait since early 2000.