Director-general, Michael Imoudu Institute for Labour Studies, Ilorin, Kwara State, Comrade Issa Aremu has hailed President Muhammadu Buhari for signing the Petroleum Industry Bill (PIB) into law, now known, as Petroleum Industry Act (PIA).
Aremu described Buhari’s signing of the bill as a singular historic transformational legislation in public corporate governance since the return of the country to democracy in 1999.
The MINILS boss spoke at the opening of a three- day strategic leadership skills workshop for trade unionists drawn from Petroleum Equalisation Fund (PEF) across the nation.
Recalling that the subsisting law regulating the petroleum industry was passed in 1969, Aremu observed that it was the commitment and focus of Buhari that had made the enactment of the hitherto impossible legislative framework a reality.
He said the new Petroleum Industry Act 2021 has introduced timely pertinent changes to the governance, administrative, regulatory and fiscal framework of the petroleum industry.
Aremu said that PIA would promote transparency, strengthen the governing institutions, attract investment capital and create new jobs.
He described as healthy the current controversies over the perceived imperfections of the new law with respect to host community’s take and frontier exploration fund, adding that any developmental law is “legislative work in progress.”