By Joyce Remi-Babayeju
The Federal Capital Territory, FCT, Minister, Barr. Nyesom Wike, has disclosed that the Petroleum Industry Reform Act (2021), has opened the door to greater investment, innovation, and job opportunities in Nigeria.
Wike, also explained that with the passage of the Act , the county has laid the groundwork for a More transparent, efficient and competitive petroleum industry, adding that it a watershed moment in the nation’s history.
The minister made this known at a two-day retreat, organized 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, held in Abuja.
The Minister who was represented by the FCT Minister of State, Dr. Mariya Mahmoud, noted that the true impact of the Act would be realized through effective implementation.
The minister commended the Speaker and leadership of the House of Representatives for organizing the programme, noting that the retreat demonstrates the unwavering dedication to serving the people of Nigeria.
“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 giving incentives for compliance, we can enhance revenue generation, promote investment, and spur economic growth,” the minister affirmed.
