The Pan Niger Delta Forum (PANDEF) has said President Muhammadu Buhari signing of the Petroleum Industry Act (PIA) “speaks to the repugnant attitude of disregard, propelled by arrogance, disdain and contempt with which issues concerning the Niger Delta Region are treated, particularly, by the present Administration.”
In a statement by its spokesperson, Mr. Ken Robinson, PANDEF described as unfortunate the Presidential assent despite the overwhelming outcry and condemnation that greeted its passage by the National Assembly, especially with regards to the paltry 3% provision for the Host Communities Development Trust Fund and the brazen appropriation of an outrageous 30% of NNPC Ltd profit for a dubious, nebulous Frontier Oil Exploration Fund.
But for Senate and Speaker Femi Gbajabiamila, it was time for backslapping for breaking the 18 years old jinx that has dogged the bill.
PANDEF adds, “This PIB falls way short of the expectations of the Oil and Gas Producing Communities, that bear the brunt of unconscionable industry operations….
“What this act signifies is an unequivocal message to the Niger Delta people that how they feel and what they say, do not count, at all, in the schemes of the Nigerian Project.
“That’s insensitive, abominable and afar every boundary of proper Democratic practice, and, therefore, unacceptable to the good people of the Niger Delta, the critical economic nexus of the entire Nigerian territory.
“The Niger Delta people will speak, shortly, after full consultations, on this callous act, on the best legal and political response.
The assent, according to the Senate, through its spokesman, Senator Surajudeen Ajibola Basiru, is 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.
He says efforts at reaching this stage has been a protracted affair 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 firstover petty squabbles and other self interests, thereby laying finally to rest previous failed attempts” he adds.
On the benefits of the law, Basiru said that it will juice up the national economy by liberalising the Petroleum Sector adding that it will the pave way for investors, both local and international to invest in the oil sector with government on a competitive basis.
Gbajabiamila, on his part, said that Nigeria’s oil and gas industry will now receive a breath of fresh air and allow investments and transparency to flourish with the coming into being of the Petroleum Industry Act, 2021.
He said when massive investments come in as a result of the PIA, a lot of Nigerians will gain employment.
The Speaker said he was optimistic that with the coming on board of the PIA, Nigerians will also benefit from reduced fuel prices as there would be competition among the industry players.
The speaker praised the determination of the 9th Assembly that saw the Act become a success and commended the synergy between the Executive and Legislative Arms of Government that won the victory for Nigerians.
“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 stated.
Gbajabiamila added that the oil and gas industry could only fare better with the Act, calling on investors to take full advantage of the opportunities that the new law provided.
The PIA provides the legal, governance, regulatory and fiscal framework for the country’s oil and gas industry.
It also makes provisions for the development of host communities by creating a Host Communities Fund, and further exploration of petroleum resources in the new frontiers.
