Sen. Basiru also attributed the presidential assent to the Bill to the efforts of all stakeholders in the oil and gas industry, adding that it will the pave way for investments into the sector.
On his part, Speaker of the House of Representatives, Gbajabiamila, 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.
In a statement by his Special Adviser on Media and Publicity, Mr. Lanre Lasisi, Gbajabiamila noted that the coming into being of the law is a victory for Nigerians and a landmark achievement that ended the two-decade-long journey of the PIB.
Gbajabiamila said when massive investments come into the country as a result of the PIB, a lot of Nigerians will gain employment and 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.
However, lawmaker representing Itu/Ibiono/Ibom federal constituency of Akwa Ibom State, Henry Archibong, berated President Buhari for ignoring the concerns of the host communities.
He faulted the President for assenting to the PIB with allocation of three percent of annual operating cost of companies for host communities as against the five percent canvassed for by mostly persons from the Niger Delta region where the resource is largely found.
In his words, “we in the Niger Delta region are not happy with the passage of the PIB. The PIB is something that would have been achieved along time ago. But in Nigeria, things are always politicized. When it was not in the favour of the north, they refused to sign the PIB.
“Now that they know that it’s not in the favour of host communities, it has been signed. The five percent we asked for the host community was rejected so we are not happy with it.”
Speaking on a possible amendment, the lawmaker stated that it is always difficult to get an amendment, because if it does not favour the ruling party, the issue is always difficult.
“No amount of opposition can reverse what has been signed into law”, he mentioned.