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The ruling All Progressives Congress, APC, says the Nigerian economy is the ultimate beneficiary of the new Petroleum Industry Act as it will overhaul the oil and gas industry by providing legal, governance regulatory, and fiscal framework for the Nigerian Petroleum Industry.

In a congratulatory message to President Muhammadu Buhari for signing the PIB 2021 into law, the party noted that the law remains the best option for host communities’ development as well as offers new fiscal incentives to investors.

The statement signed by the National Secretary of the party, John Akpanudoedehe, observed that Nigeria’s oil and gas industry lost over 15 billion dollars in investment annually due to the delayed passage of the PIB saying that is about to change.

The party noted that though the document may not be a perfect one but a good beginning to perfection after decades of groping in the dark in the oil industry.

The APC attacked the PDP for its criticism of the bill into law by President Buhari saying the main opposition party wasted its 16 years to stay in charge as far as the Petroleum Industry legal framework is concerned.