The speaker of the house of representatives, Femi Gbajabiamila, says the signing into law of the Petroleum Industry Bill (PIB) is a landmark achievement for the country.
On Monday, President Muhammadu Buhari signed into law the much-anticipated PIB.
Before the president’s assent, the bill was also a subject of controversy, especially during passage in both chambers of the national assembly.
Some major stakeholders from the oil-producing communities had argued that the percentage earmarked for the communities is not enough, owing to the negative impact of oil exploration in those communities.
But in a statement by Lanre Lasisi, his special adviser on media and publicity, Gbajabiamila said the petroleum industry Act (PIA) is a “big score” for lawmakers in the ninth assembly.
The speaker said the law, which has ended the two-decade-long journey, will flourish Nigeria’s oil and gas industry, adding that it will drive investments and transparency.
Gbajabiamila said when the “massive investments come in as a result of the PIA” the teeming Nigerian youths will gain meaningful employment.
He added that Nigerians will also benefit from reduced fuel prices as there would be competition among the industry players.
“As I said before, this is a landmark achievement. It has been 20 years in coming. This 9th Assembly will be recorded on the right side of history for this big score,” he said.
The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.