The passage of the Petroleum Industry Bill and its signing into law as Petroleum Industry Act by President Muhammadu Buhari is one of Nigeria’s greatest achievements in the past several decades.
The Minister of Information and Culture, Alhaji Lai Mohammed, stated this at a media briefing on Thursday in Lagos.
Mohammed said the feat recorded in a sector very critical to the nation’s economic well-being was also one of the greatest achievements of the Buhari administration in 2021.
He said the PIA was a landmark achievement which many had described as “the most profound event in the Nigerian oil and gas space in the last 20 years”.
According to the minister, the PIA was envisaged to foster investment in the petroleum and gas industry and delineate responsibilities to the various institutions.
He said its key objectives included establishment of a commercialised National Oil Company: Nigerian National Petroleum Corporation Limited, and entrenchment of accountability and good governance.
Mohammed said the PIA would also promote the exploration and exploitation of the petroleum resources in Nigeria for the benefit of all Nigerians as well as foster the sustainable development of the host communities.
He said: “Overall, the PIA serves to ensure the efficient and effective technical and operational regulation of the upstream, midstream and downstream sectors of the oil industry.”
The Minister said another major achievement in the oil and gas sector in 2021 was the posting of a N287 billion profit, after tax, by the NNPC.
He said it was the first time in 44 years that the corporation had recorded such profit attributed to aggressive cost cutting measures and cost savings through renegotiation of contracts by up to 30 per cent.