Petroleum Industry Bill 2021: President Buhari set up steering committee, tell host communities to 'chook eye' for di new law
Nigeria President Muhammadu Buhari say di passage of di Petroleum Industry Bill go help di kontri attract investments across di oil and gas value chain.
President Buhari tok dis one as im deliver im inaugural speech for di Federal Executive Council meeting wia im set up di Steering Committee wey go oversee di implementation of di Act.
Di Minister of State for Petroleum Resources Timipre Silva go head am.
Na on Monday 16 August, 2021 di president bin sign di PIB into law afta di bill bin don tanda ontop di table of di national assembly for over 20 years. Di passage of di bill to law don spark many reactions including from some leaders of host communities wey kick against di 3% di law provide for host communities of oil.
President Buhari say, "di presidential assent of di Petroleum Industry Act 2021 don mark di beginning of di journey towards a competitive and strong petroleum industry wey go attract investments to support our economic recovery and growth plan.
Di bill create regulatory environment wey go ensure efficiency and accountability across di oil and gas value chain and reposition NNPC to become a commercially driven national petroleum company wey go dey accountable to di federation."
Di President explain say di act don provide direct benefit framework wey go enable sustainable development of host communities, im ask di host communities to chook eye for di contents of di bill as di implementation go bring real and lasting benefits to dem.
On di mata of gad flaring, President Buhari add say di act also make way to end gas flaring wey go help Nigeria get di nationally determined contributions of di Paris agreement through one funding mechanism to support gas flare out project for host communities.
'NNPC go turn private company'
Nigerian goment say di law go disband di kontri largest oil company, di Nigeria National Petroleum Corporation, in order to reform di kontri oil sector. Tok-tok pesin to Nigerian president tell BBC say independent company go replace di national oil company. Dis na one of di tasks wey di steering committee wey di president set up wen im officially present di Petroleum Industry Act on Wednesday go do.
Reactions to di passage of di PIB
Some leaders of host communities bin don dey ginger say 3% dividends paid to dem no do before di passage of di law. As di president stamp am, some still never keep quiet.
Rivers State Governor, Nyesom Wike wey tell local tori pipo, ChannelsTV say di Petroleum Industry Act dey good and e no good add join say, 'we no happy wit 3% for host communities.'