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We lost $50bn due to non-passage of PIB – Buhari

Published

3 years ago

August 18, 2021

Nigeria lost an estimated $50 billion worth of oil and gas industry investments in ten years as a result of stagnation in the industry occasioned by uncertainties created by the failure to pass the Petroleum Industry Bill (PIB).

President Muhammadu Buhari disclosed this on Wednesday in his remarks at a ceremony on the passage of the Petroleum Industry Act (PIA) 2021, which preceded the Federal Executive Council (FEC) meeting at the State House, Abuja.

According to a statement by his Special Adviser on Media and Publicity, Femi Adesina, the President said the stagnation affected growth of the economy, citing lack of political will on the part of past administrations to actualise the needed transformation.

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 actualise 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.

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.

News

Netizens knock Tinubu aide, Onanuga, over comment on Yahaya Bello arrest

Published

18 mins ago

April 19, 2024

Trends Admin

Bayo Onanuga, special adviser on Information & Strategy

Netizens knock Tinubu aide, Onanuga, over comment on Yahaya Bello arrest

The internet users has bombarded the twitter page (X) of the Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Mr Bayo Onanuga over his comment on former Kogi State Governor, Yahaya Bello, who resisted arrest by Economic and Financial Crimes Commission (EFCC).

Recall EFCC declared the former Kogi State governor, Yahaya Bello, wanted for alleged misappropriation of funds while in office. The development has been attracting mixed reactions from members of the public, and one of those who reacted was the Special Adviser to President Bola Ahmed Tinubu on Information and Strategy.

On Thursday, the EFCC had declared Yahaya Bello wanted in connection with an alleged case of money laundering to the tune of about 80 billion naira.

Sharing a photo of the former governor online, the anti-graft agency said that anyone with useful information about his whereabouts should contact them.

Netizens knock Tinubu aide, Onanuga, over comment on Yahaya Bello arrest

News

Updated: More trouble for Yahaya Bello as Immigration places him on watch list

Published

5 hours ago

April 19, 2024

Trends Admin

Updated: More trouble for Yahaya Bello as Immigration places him on watch list

The Nigeria Immigration Service has ordered the arrest of former Governor of Kogi State, Alhaji Yahaha Bello, if found at any entry/exit point of the country.

The NIS said on Thursday night that Yahaya Bellowas placed on its watchlist after evading arrest by the Economic and Financial Crimes Commission (EFCC) over allegation of N80 billion fraud.

This notice came a few hours after the EFCC had declared the former governor wanted.

The NIS, in a letter addressed to the Director-General, Department of State Services (DSS), the Inspector-General of Police, the Director-General of the National Intelligence Agency as well as other formations declared that Bello had been placed on its watch list.

The letter was signed by the Assistant Comptroller of Immigration (Suspect Index), D S Umar, on behalf of the Comptroller General of the Immigration Service.

Part of the letter read, “Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for Conspiracy, Breach of Trust and Money Laundering vide letter Ref: CR: 3000/EFCC/LS/EGCS.1/TE/V 1/279 dated 18th April 2024, if seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.”