Minister of the Federal Capital Territory, Barrister Nyesom Wike, has called for effective implementation of the Petroleum Industry Reform Act (2021), in order for Nigerians to feel the true impact of the Act.
Wike, who stated this at a retreat for Members of the House of Representatives, noted that the Petroleum Industry Reform Act has opened the door to greater investment, innovation, and job opportunities in Nigeria.
Represented at the event by the FCT Minister of State, Dr. Mariya Mahmoud, the minister pointed that the PIA represents a watershed moment in the nation’s history, stressing that with its passage, the country has laid the groundwork for a more transparent, efficient, and competitive petroleum industry.
The Minister, therefore, commended the Speaker and leadership of the House of Representatives for organizing the programme, adding that the retreat demonstrates the unwavering dedication to serving the people of Nigeria.
According to him, “Your role as legislators is pivotal in shaping policies that drive economic growth, foster innovation, and ensure equitable development for all Nigerians.
“As representatives of the people, it is incumbent upon us to ensure that the provisions of this Act are translated into tangible benefits for all Nigerians.
“We must work tirelessly to foster an enabling environment for investment, promote local content participation, and uphold the highest standards of governance and accountability in the petroleum industry”.
While noting that the imperative of tax reform and modernization could not be overstated, the nation’s tax system must evolve to reflect the dynamic nature of the economy and the realities of the 21st century.
“By simplifying tax procedures, closing loopholes, and incentivizing compliance, we can enhance revenue generation, promote investment, and spur economic growth,” he affirmed.
The two-day retreat was organised by Members of the House of Representatives on Economic Transformation and Development Towards Effective Implementation of the Petroleum Industry Reform Act (2021) and Tax Reforms/Modernisation.
