Governors elected under the platform of the ruling All Progressives Congress (APC) have described President Muhammadu Buhari’s assent to the Petroleum Industry Bill (PIB) as a demonstration of the unwavering commitment of the party and current administration to a democratically changed Nigeria.
Buhari on Monday signed the PIB into law after many years of delay by previous administrations.
The governors under the aegis of Progressive Governors Forum (PGF) in a statement in Abuja by its Chairman, Gov. Abubakar Atiku Bagudu of Kebbi State commended President Buhari for signing the Bill into law.
Bagudu, in the statement, noted the new law is a testimonial to APC’s commitment to restructuring the country’s economy through a 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 the new institutional framework for the operations of oil and gas industry in the country.
“The Progressive Governors Forum (PGF) 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. With Nigeria National Petroleum Corporation (NNPC) now unbundled, and in its place, three new structures – Nigerian Upstream Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, and Nigerian National Petroleum Company Limited – stronger accountability structures, each with a Board drawing representation from stakeholders in the oil and gas industry is instituted.”
