• Thu. Feb 22nd, 2024

National Tribune

Flagging The Conscience Of Truth

Nigeria set to reform oil and gas sector with newly signed Petroleum Industry Act

ByWeb Manager

Apr 29, 2023

The Nigerian government has announced plans to begin the implementation of the newly signed Petroleum Industry Act (PIA) which is aimed at reforming the country’s oil and gas sector. The PIA was signed into law by President Muhammadu Buhari in August 2021, after nearly two decades of debate and delay.

The PIA aims to create a more competitive and efficient industry, attract foreign investment, and increase revenue for the government. It includes provisions for the restructuring of the Nigerian National Petroleum Corporation (NNPC), the creation of new regulatory agencies, and the liberalization of the downstream sector.

However, there has been criticism from some quarters, particularly from the southern region of Nigeria, which has accused the government of favoring the northern region in the distribution of oil resources. There have also been concerns about the potential impact on the environment and the rights of local communities.

Meanwhile, preparations for the 2023 general elections are already underway, with political parties jostling for position ahead of the polls. The ruling All Progressives Congress (APC) and the main opposition People’s Democratic Party (PDP) are expected to be the main contenders.

There are also concerns about the rising insecurity in the country, particularly in the northern region where there have been frequent attacks by terrorist groups and bandits. The government has promised to take decisive action to address the issue, but there are doubts about its ability to do so.

Overall, the political landscape in Nigeria remains complex and challenging, with many issues to be addressed in the coming months and years.

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