NIGERIA LOST ESTIMATED $50BN WORTH OF INVESTMENTS IN 10 YEARS DUE TO STAGNATION, UNCERTAINTY OVER PETROLEUM INDUSTRY, SAYS PRESIDENT BUHARI

President Muhammadu Buhari Wednesday in Abuja said Nigeria lost an estimated $50billion worth of investments in ten years, created by the uncertainty of non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the petroleum industry.

In his remarks at a ceremony on passage of the PIA, which preceded the Federal Executive Council (FEC) meeting, the President said the stagnation affected growth of the economy, citing lack of political will on the part of past administrations to actualize the needed transformation.

President Buhari said assent of the Petroleum Industry Bill on August 16, 2021, marks the end of decades of uncertainty and under-investment in the petroleum industry.

“We are all aware that past Administrations have identified the need to further align the industry for global competitiveness, but there was lack of political will to actualize this needed transformation.

“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past ten years, Nigeria has lost an estimated US$50billion 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.
“In view of the value our Nation and investors will derive from a stable fiscal framework for the oil and gas industry, our Administration has found it necessary to work with the two Chambers of the National Assembly to ensure the passage of the PIB, ’’ he said.
President Buhari noted that signing of the bill was part of the administration’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve our revenue base, create jobs and support our economic diversification agenda.
The President said as a “nation that depends on oil resources for the development of other sectors, Nigeria runs a Petroleum Industry that is governed largely by laws enacted over 50 years ago such as the principal legislation; the Petroleum Act of 1969 and other obsolete legislations.’’
He said the Presidential assent of the bill to “Petroleum Industry Act 2021” marked the beginning of the journey towards a competitive and resilient petroleum industry that will attract investments to support the nation’s Economic Recovery and Growth Plan.
“The “Petroleum Industry Act 2021” creates a regulatory environment that would ensure efficiency and accountability across the oil and gas value chain and reposition NNPC to a commercially driven National Petroleum Company that is accountable to the Federation.
“The Act also provides for a direct benefit framework that will enable sustainable development of Host Communities. I appeal to the host communities to look carefully at the contents of the Bill which in the implementation will bring real and lasting benefits to them.
“Furthermore, the Act provides for deliberate end to gas flaring which would facilitate the attainment of Nigeria’s Nationally Determined Contributions of the Paris Agreement through a funding mechanism to support gas flare out project in host communities,’’ he added.
President Buhari said the administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.
While directing immediate implementation of the framework for the Petroleum Industry Act (PIA), he urged all relevant stakeholders to comply and reposition for full activation within 12 months.
The President said the Minister of State for Petroleum Resources, Timipre Sylva, will head the implementation team, urging all Ministries, Departments and Agencies (MDA) to adjust to the transition, designed to reposition the economy.
“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape.
“The implementation process to be headed by the Hon Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12 months. I am therefore directing all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law,’’ he said.
President Buhari commended leadership of the 9th Assembly for their continued pursuit of national aspiration and demonstration of mutual harmony with the Executive in the pursuit of patriotic outcome in passage of PIB.

“I also commend the entire team in the executive that worked tirelessly to ensure the delivery of this strategic legislation for our country. I thank Nigerians and other industry stakeholders for their contributions and support in achieving this historic landmark,’’ he said.

The ceremony was attended by the Senate President, Dr. Ahmed Lawan, Deputy Senate President, Ovie Omo-Agege, Deputy Speaker Hon. Ahmed Idris Wase and other lawmakers, members of the Federal Executive Council (FEC) and Group Managing Director of the NNPC, Mele Kyari.

Femi Adesina
Special Adviser to the President
(Media & Publicity)
August 18, 2021

August 18, 2021

Press Statement

Sanusi’s Exposé on Buhari, APC, Vindicates Us -PDP
…Calls on More Nigerians to Speak Out

The Peoples Democratic Party (PDP) says that the exposé by former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, that the gains made by Nigeria in 35 years were wiped out in the last five years, vindicates our stance that President Muhammadu Buhari-led All Progressives Congress (APC) administration has wrecked our nation.

The PDP asserts that the declaration by Sanusi Lamido directly reflects the position of majority of Nigerians across the country.

Noting that the dire situation is now beyond politics, the PDP calls on more stakeholders to speak out irrespective of ethnicity, creed and political party affiliations, so as to save the nation from a total collapse.

The Buhari Presidency and the APC have in the last six years, only succeeded in destroying every sector of our national life with their manifest incompetence, unbridled corruption, treasury looting, impunity, exclusionist and restrictive economic policies that have brought our nation to her knees.

Nigerians can recall that the PDP handed over a robust economy, rated the largest hub in Africa and one of the fastest growing in the world with Fitch B+ rating and Gross Domestic Produce (GDP) of $574 billion to President Buhari and the APC in May 2015.

Sadly, in the last six years, Buhari-led APC administration has reduced our productive sectors to a complete wreckage with alarming 33.3 percent unemployment and 17.38% inflation rates; over 60 million hitherto flourishing businesses folded up and the naira crashing from N167 to a dollar in 2015 to N512 under the APC corrupt and directionless watch.

More depressing is that the corrupt APC administration has practically erased all the gained of the debt repayment achieved by the PDP, returned our nation to a beggar state and mortgaged the sovereignty of our country with reckless borrowing and accumulated N33.107 trillion.

Life has become so unbearable in Nigeria under President Buhari and the APC, that more than 82.9 million Nigerians are no longer able to afford their daily meals and other necessities of life, with our nation now ranking as poverty capital of the world and 98th out of 107 in Global Hunger Index.

Today, under the APC, a liter of fuel which sold for N87 under the PDP now sells for N165, a bag of rice which sold for N8,000 now sells for N30,000, a measure of garri and beans which sold for N150 and N250 now sell for N600 and N800 respectively; a measure of maize and guinea corn which sold for about N150 now sells for N400, a kilo of meat which sold for about N800 now sells for about N2,300 while a 12.5 kg of cooking gas which sold for N3,000 now sells for over N6,000, all thanks to the incompetence and corruption of the Buhari-led APC administration.

Furthermore, the compromises of the APC administration have led to the escalation of terrorist activities, banditry, kidnapping, killings, bloody agitations as well as other acts of violence that have turned our nation into a large funeral palour, with no hope in sight.

Indeed, this is not the way our nation should go. The PDP therefore urges more Nigerians to speak out to rescue our nation from this fast descent to a failed state.

Signed:

Kola Ologbondiyan
National Publicity Secretary

PRESIDENT BUHARI GREETS ENGINEER, ADMINISTRATOR, ENTREPRENEUR, EMEKA OKWUOSA AT 60
President Muhammadu Buhari salutes Chairman/CEO of Oilserv, Engineer Emeka Okwuosa, as he turns 60 August 19, 2021.
The President pays tribute to the Electronics/Electrical engineer who graduated from the then University of Ife (now Obafemi Awolowo University), and who has built a reputation as an astute administrator, investor, and entrepreneur.
Okwuosa, the President notes, successfully runs a chain of companies, both within and outside the country, with special interest in the oil and gas industry, playing a major role in the building of the landmark Ajaokuta-Kaduna-Kano (AKK) pipeline under construction.
President Buhari rejoices with the Okwuosa family, their friends, associates and well-wishers on the auspicious occasion, wishing the celebrant long life and prosperity.
Femi Adesina
Special Adviser to the President
(Media and Publicity)
August 18, 2021

PRESIDENT BUHARI APPROVES STEERING COMMITTEE ON PETROLEUM INDUSTRY ACT
President Muhammadu Buhari has commenced implementation of the newly signed Petroleum Industry Act (PIA) by approving a steering committee to oversee the process.
The steering committee is headed by the Honourable Minister of State, Petroleum Resources, Timipre Sylva.
Other members are: Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.
The primary responsibility of the steering committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform program, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.
The committee has 12 months duration for the assignment, and periodic updates will be given to Mr President.
Femi Adesina
Special Adviser to the President
(Media and Publicity)
August 18, 2021