Economist lauds President Buhari for signing PIB into law

Professor Wumi Iledare, former President of Nigerian Association of Energy Economics (NAEE), has commended President Muhammadu Buhari for assenting to the Petroleum Industry Bill (PIB).

Iledare gave the commendation in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

NAN reports that both Chambers of the National Assembly had passed the bill on July 1.

A statement by president’s spokesman Mr Femi Adesina said that the president signed the bill into law as a way of fulfilling his constitutional duty.

According to him, the ceremonial part of the new legislation will be done on Aug. 18.

“That the President signed PIB 2020 into law is laudable. It is a noble act that is worthy of celebration.

“ Congratulations to the Presidency and the 9th National Assembly for bringing the wobbling PIB journey since 2000 to an end.

“ I see in the Act, investment-friendly fiscal framework with a well-designed regulatory and governance institutions,’’ he said.

Iledare, also a professor of Petroleum Engineering, said that the next phase would be implemented without regulatory and institutional captures.

He called for the involvement of competent professionals with diverse experiences as members of the implementation Committee. (NAN)