Following President Muhammadu Buhari’s signing of the Petroleum Industry Bill into law on Monday, August 17th, 2021, the President has authorised the formation of an implementation committee to begin the implementation of the Petroleum Industry Act (PIA) within 12 months.

The President stated this during a meeting with the National Assembly leadership, led by Senate President Dr Ahmad Lawan. Timipre Sylva, Minister of State for Petroleum Resources, will lead the committee.

He urged all relevant ministries and agencies to work closely with the minister and the committee to ensure that the implementation process runs smoothly and successfully.

The president, who also serves as the Minister of Petroleum, stated that the country has lost around $50 billion in the last ten years owing to a lack of growth in the oil and gas industry. This loss will be addressed by the new act, which will reposition the national oil company, the NNPC, for future growth.

Dr Ahmad Lawan issued a stern warning against interfering with the disbursement of the 3% compensation (500 million dollars) due to the host communities under the Act. He stated that the money must be distributed properly to allow development in the host communities and eliminate their suffering.

He begged for Nigerians not to be deterred by the bill’s critics but to remain hopeful that the legislation will be enacted. He is optimistic that the PIA would increase investment prospects in the petroleum industry.