By Johnbosco Agbakwuru

President Muhammadu Buhari on Wednesday, approved implementation committee headed by the Minister of state on petroleum, Chief Timipre Sylva, to immediately commence implementation of the Petroleum Industry Act in 12 months.

President Buhari gave the approval while speaking on the PIB, which he signed into law on Monday during a meeting with the leadership of the National Assembly led by the President of the Senate, Dr. Ahmad Lawan.

He charged other ministries and departments of agencies to work with the minister of state for petroleum towards successful completion of the implementation process.

The President said lack of political will had hampered the growth of the industry, noting that in the last ten years, the country had lost about 50 billion dollars.

He said the new act will coordinate the activities of the NNPC and reposition it for further progress.

Also speaking, the President of the senate, Dr. Ahmad Lawan has cautioned against tampering or manipulating the disbursement of the three percent (500 million dollars) compensation which accrues to host communities by the appointed people.

He also urged those saddled with the responsibility of disbursing the fund to be prudent in the deployment of the money, specifically earmarked to engender development in the host communities and end their suffering.

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He pleaded with Nigerians not to focus on the grievances as a result of the new act but remain optimistic that the act (which can be amended) will be implemented.

The President of the Senate said he was equally confident that the PIA will further incentivize greater investment in the sector.

Recall that the Minister of state for petroleum had earlier reiterated that the country’s oil reserves in the last 10 years has remained at 37 million barrels.

Vanguard News Nigeria