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PRESIDENT BUHARI REVEALS NIGERIA LOST $50BN IN 10 YEARS

Oluwapelumi Tutugbuwa | August 19, 2021


President MUHAMMADU BUHARI has revealed that Nigeria has lost an estimated $50billion worth of investments in 10 years.
The president who stated this yesterday at a ceremony on passage of the Petroleum Industry Act( PIA),  said the loss was as a result of the uncertainty of the non-passage of the Petroleum Industry Bill (PIB) and lack of progress and stagnation in the petroleum industry, stressing that the stagnation affected the growth of the economy.
He however noted that assent of the PIB on August 16, 2021, marked the end of decades of uncertainty and under-investment in the petroleum industry.
While directing immediate implementation of the framework for the Petroleum Industry Act (PIA), he urged all relevant stakeholders to comply and reposition for full activation within 12 months.
The ceremony was attended by the Senate President, AHMED LAWAN, Deputy Senate President, OVIE OMO-AGEGE, Deputy Speaker Hon. AHMED IDRIS WASE and other lawmakers, members of the Federal Executive Council (FEC) and Group Managing Director of the NNPC, MELE KYARI.

Written by Oluwapelumi Tutugbuwa

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