The Nigerian government has disclosed one of its biggest achievements under its administration in the year 2021.
The Minister of Information and Culture, Lai Mohammed on Thursday giving a countdown of achievements said one of the greatest achievements of the Buhari’s Administration in 2021 was recorded in the oil and gas sector.
He highlighted the passage and signing into law of the Petroleum Industry Act (PIA) as a landmark achievement.
Mohammed said: ” Many have described the PIA law as the most profound event in the Nigerian oil and gas space in the last 20 years.
“The PIA is to ensure the efficient and effective technical and operational regulation of the upstream, midstream and downstream sectors of the oil industry through the formation of the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Regulatory Authority, among others.”
The minister also highlighted the transformation of the Nigerian National Petroleum Corporation (NNPC) as one of its achievements in 2021.
According to him, Nigeria’s national oil entity has witnessed many changes and transformations through the decades.
“NNPC from its take-off on 1st April 1977 as a merger of the Nigerian National Oil Corporation (NNOC) and the Federal Ministry of Petroleum and Energy Resources, now re-christened as NNPC Limited has been undergoing transformation yet the changes and the unprecedented deluge of reformations in 2021 eclipse previous attempts to restructure the oil company.
Mohammed mentioned that another major achievement in the oil sector is the posting of a N287 billion profit, after-tax, by the NNPC.
According to him, it was the first time in 44 years that the Corporation has recorded such profit.
“The construction/rehabilitation of 21 Roads under the Federal Government’s Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme is also a major achievement.”
Recall that FEC approved N621.2 billion for NNPC to take over the reconstruction of 21 federal roads across the six geopolitical zones of Nigeria.