The Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that signing of the Petroleum Industry Bill shows the Federal Government’s resolve to improving present governance systems and processes,
This was disclosed in a statement by the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, in Abuja, on Monday, according to the News Agency of Nigeria.
stating that it ended years of uncertainty in the sector
What the NEITI boss said
Orji stated that the signing of the PIB into law has ended years of uncertainty in the sector.
“The new law has opened a new phase of wider opportunities in the oil and gas industry.
“For us in NEITI, President Muhammadu Buhari has broken new grounds, created new business horizon built on healthy legal frameworks with realistic optimism for inflow of investments, revenue growth and job opportunities,” he said.
He added that NEITI is encouraged by the development and revealed that signing into law of the PIB has demonstrated government’s resolve to strengthen governance processes and systems, especially in the extractive industry through an institutional and legal framework.
“NEITI is hopeful that the huge revenue losses which Nigeria has witnessed over these years as a result of process lapses and weaknesses in previous laws will be checked, while restoring investors’ confidence in Nigeria’s oil and gas sector,” he said
In case you missed it
Nairametrics reported yesterday that President Muhammadu Buhari has signed into law the Petroleum Industry Bill (PIB) 2021 that was recently passed by the National Assembly.