The Senate has described the accent by President Muhammadu Buhari to the The Petroleum Bill as a major victory that has the potential of bailing Nigeria out of its economic predicament.
It also described it as an act that will enable the country to make the most of economic gains of the oil industry for the benefit of Nigerians.
The Chairman, public Affairs Committee of the Senate, Dr. Surajudeen Ajibola Basiru said this while congratulating the Exucutive arm of the government led by President Mohammadu Buhari, the leadership and members of the National Assembly and all other stakeholders in the oil industry.
Efforts at reaching this stage has been a protracted affair as the Bill, first initiated in 2003 had been subjected to a ping pong affair between the previous Legislatures and the Executive.
The 9th National Assembly finally broke the jinx when it recently passed the Bill after working dispassionately by putting the interest of the Nation firstover petty squabbles and other self interests, thereby laying finally to rest previous failed attempts.
Dr. Basiru attributed the success of the accent to the Bill which has now become an Act to the Cooperative efforts of all participating sectors in the procress and also the non confrontional policy of the present National Assembly.
Talking about the benefits of the law, Dr Basiru said that it will juice up the National Economy by liberalising the Petroleum Sector and that it will the pave way for investors, both local and international to invest in the oil sector with government on a competitive basis.
President Buhari had on September 2, 2020 forwarded a draft of the bill to both chambers of the National Assembly.
