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Petroleum Industry Act redefines Buhari s Presidency
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PIA: A Revolutionary Law and its Many Controversies
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The Federal Government, yesterday in Abuja, said 10 Gigawatts (10,000MW) of electricity is feasible from an investment of $3 billion being made in the power sector.
The prevailing situation of the nation’s power sector has rendered most of the previous projections by political actors a mere lips service as the country’s current transmitted electricity only stands below 5,000 megawatts. By projections, Nigeria should be generating 40,000 megawatts while a plan indicated leapfrog to 30 gigawatts by 2030. x
Vice President, Yemi Osinbajo however told stakeholders at a conference organised by the Nigerian Association for Energy Economics (NAEE) that bottlenecks are being addressed while noting that accelerated investment in transmission and distribution of over $3 billion will put Nigeria on a path to 10GW of electricity.
Nigeria to generate 10GW electricity from $3b investment
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Last Thursday, the National Assembly finally passed the much-talked-about Petroleum Industry Bill, after a tortuous two decade-long sojourn. Emmanuel Addeh asks if the bill, now awaiting the assent of President Muhammadu Buhari, after harmonisation by the lawmakers, would see the light of the day
From all indications, it appears that the Petroleum Industry Bill (PIB) may finally see the light of day and eventually serve as the framework for operations in the oil and gas industry, having suffered several setbacks for close to 20 years, from the period the entire process first started.
Although, in the past, there had been several attempts to pass the law, such moves, in the end, have always ended in utter failure. Even in some cases when the national assembly succeeded in passing it, the president wouldn’t give his assent.