It said the Act will enable the country to make the most of economic gains of the oil industry for the benefit of Nigerians.

Chairman, Senate Committee on Media and Public Affairs, Senator Ajibola Basiru made these assertions in a statement in Abuja.

He congratulated the Executive, the leadership and members of the National Assembly and all other stakeholders in the oil industry on the feat.

According to him: “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 Executives.

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“The 9th National Assembly finally broke the jinx when it recently passed the Bill after working dispassionately by putting the interest of the nation first over petty squabbles and other self-interests, thereby laying finally to rest previous failed attempts.”

Basiru attributed the success of the assent to the Bill which has now become an Act to the cooperative efforts of all participating sectors in the process and also the non-confrontational policy of the present National Assembly.

Talking about the benefits of the law, Basiru said that “it will juice up the national economy by liberalising the Petroleum Sector.”

He insisted that the Petroleum Industry Act will pave way for investors, both local and international, to invest in the oil sector with government on a competitive basis.

He noted that President Buhari had on September 2, 2020 forwarded a draft of the bill to both chambers of the National Assembly for consideration and approval.