…Say act presents party’s commitment to restructure economy
Godwin Amunde
The Progressive Governors Forum (PGF), the umbrella body of Nigerian governors elected on the platform of the ruling All Progressives Congress (APC), has commended President Muhammadu Buhari for signing the Petroleum Industry Bill into law.
The APC Governors said the signing of the Bill into law presents a convincing credential of the commitment of APC to restructure Nigerian economy through democratic process in line with provisions of the 1999 Nigerian Constitution as amended
This was contained in a statement titled ‘Petroleum Industry Act: Democratically Changing Nigeria,’ signed by the Chairman, Progressives Governors Forum, and Kebbi State Governor, Atiku Bagudu, in Abuja, on Wednesday.
The PGF, in the statement, said the Act also created a Host Communities Development Trust to be managed by Board of Trustees as provided by the Act, adding that the 3% of profit from the operations of oil and gas businesses would be used for the development of the host communities.
The forum further stated that it was noteworthy that this was in addition to the existing 13% derivation to oil producing states and funds allocated to Niger Delta Development Commission (NDDC)
The Governors expressed gratitude to the President for breaking the jinx of a bill that has dodged the passage of the Petroleum Industry Bill for over two decades.
The statement reads in part: “On Monday, August 16, 2021, Mr. President, His Excellency, Muhammadu Buhari, GCFR assented to the Petroleum Industry Bill (PIB) and by so doing restructure the operations and management of the Nigerian oil and gas industry.
“The Progressive Governors Forum commends Mr. President for this historic feat of moving the nation forward to a new democratic era of governance and business management of the oil and gas industry.
“The new Petroleum Industry Act presents a convincing credential of the commitment of our party, All Progressives Congress (APC), to restructure Nigerian economy through the democratic process in line with provisions of the 1999 Nigerian Constitution as amended.
“After more than two decades of endless national debates and stalemate, there is today a new Petroleum Industry Act in the country, which has provided six months transition for the emergence of new institutional framework for the operations of oil and gas industry in the country.
“In addition, the Act also created a Host Communities Development Trust to be managed by Board of Trustees. As provided by the Act, 3% of profit from the operations of oil and gas businesses will be used for the development of the host communities.
“It is noteworthy that this is in addition to the existing 13% derivation to oil producing states and funds allocated to Niger Delta Development Commission (NDDC), which Mr. President has continuously emphasised that all the resources must be put to judicious use for the benefits of the people in the oil producing areas.
“With the coming into law of the new Petroleum Industry Act, once more our party under the leadership of President Buhari has demonstrated unwavering commitment to change Nigeria democratically.”
