APC Govs Praise Buhari, Say Petroleum Act Presents Convincing Credential of Party’s ‘Commitment to Restructure Economy’

The Progressive Governors Forum , the umbrella body of the governors elected in the platform of the All Progressives Congress , has said that the signing of Petroleum Industry Bill into law by President Muhammadu Buhari presents a convincing credential of the commitment of APC to restructure Nigerian economy through democratic process in line with provisions of the 1999 Nigerian Constitution as...

It added that it was noteworthy that this was in addition to the existing 13% derivation to oil producing states and funds allocated to Niger Delta Development Commission It noted that the monopoly status of the old NNPC, which vested it with both the powers of regulating the industry as well as extraction and sales of crude oil in both the upstream, midstream and downstream had been abolished.

The Forum pointed out that even critics of APC and its governments cannot ignore the fact that the coming into law of the Petroleum Industry Act was an important democratic milestone. “The new Petroleum Industry Act present a convincing credential of the commitment of our party, All Progressives Congress , to restructure Nigerian economy through democratic process in line with provisions of the 1999 Nigerian Constitution as amended.

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