Nigeria lost $50bn to delayed passage of PIB, President Buhari claims

Nigeria lost $50bn to delayed passage of PIB, President Buhari claims

  • President Buhari has lamented that Nigeria lost huge amount of money over the delay in passage of PIB
  • Specifically, the president claimed that the the federal government lost about $50bn due to this delay
  • According to him, the signing of the bill was part of his government's commitment to building a competitive and resilient petroleum industry

Since 2011, Nigeria has lost a whopping sum of $50bn worth of investments in the petroleum industry .

This was disclosed by President Muhammadu Buhari has lamented a loss . He said this is due to the absence of the Petroleum Industry Act.

Buhari made this assertion in Abuja at a ceremony on passage of the PIA, which preceded the Federal Executive Council meeting.

Nigeria lost $50bn to delayed passage of PIB according to President Buhari
Buhari claims Nigeria lost $50bn to delayed passage of PIB. Photo: Femi Adesina
Source: Facebook

This was disclosed by the special adviser to the president on media and publicity, Femi Adesina on his Facebook page.

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Buhari said the loss was due to the uncertainty of non-passage of the Petroleum Industry Bill, lack of progress and stagnation in the petroleum industry which he blamed on the lack of political will on the part of past administrations to actualise the needed transformation.

He said:

“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past 10 years, Nigeria has lost an estimated $50bn worth of investments due to uncertainty created by the non-passage of the PIB.
“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain."

Buhari okays committee to implement Petroleum Industry Act

During the weekly Federal Executive Council (FEC) meeting held in Abuja on Wednesday, August 18, Buhari inaugurated the committee to implement the Petroleum Industry Act (PIA).

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The committee, led by the minister of state for petroleum resources, Timipre Sylva, has a year to implement the act.

Buhari's govt gives final say on increasing petrol price

Meanwhile, the federal government, through Sylva had insisted that at the moment, the price of petrol per liter is N162.

According to Sylva on Tuesday, August 17, in Abuja, the government is in talks with labour unions on the need to and constitutionality of implementing full deregulation of the oil and gas sector.

Based on this, Sylva stated that until the deregulation of the sector is fixed and made to start running, the price of the product remains untouched.

His words:

“I cannot give you a timeline now. But it is not going to be too far from now because we have done quite a lot of extensive work.

“So we will keep it here at N162 within that band now for the time being but we are also in the time at the moment trying to work out to allow the deregulation to come to fruition.”


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