Senate has described the accent by President Muhammadu Buhari to The Petroleum Bill
as 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.
Making the remarks today is the Chairman, Public Affairs Committee of the Senate, Dr. Surajudeen Ajibola Basiru while congratulating the Executive arm of the government led by President Mohammadu Buhari, the leadership and members of the National Assembly, and all other stakeholders in the oil industry.
Efforts at reaching this stage have 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 first over petty squabbles and other self-interests, thereby laying finally to rest previous failed attempts.
Dr. Basiru attributed the success of the accent to the Bill which has now become an Act to the Cooperative efforts of all participating sectors in the process and also the nonconfrontational policy of the present National Assembly.
Talking about the benefits of the law, Dr. Basiru said that it will juice up the National Economy by liberalizing the Petroleum Sector and that it will pave way for investors, both local and international, to invest in the oil sector with the government on a competitive basis.
President Buhari had on September 2, 2020, forwarded a draft of the bill to both chambers of the National Assembly.
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