FCT Nyesom Wike has urged the House of Representatives to translate the Petroleum Industry Act (PIA) 2021 provision into tangible benefits for Nigerians.

Wike stated this at a two-day retreat organised by Members of the House of Representatives on Economic Transformation and Development in Abuja on Tuesday.

The retreat was organised to ensure effective implementation of the PIA and tax reforms and modernisation.

The minister stressed the act’s true impact lay in its effective implementation.

“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,” he said.

Mr Wike argued that the Act had opened doors for greater investment, innovation, and job creation opportunities in the country. He added that the PIA represented a watershed moment in the nation’s history and laid the groundwork for a more transparent, efficient, and competitive petroleum industry.

“But we must effectively implement the Act to get its benefits,” he said.

He noted the importance of tax reform and modernisation, adding that 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 incentivising compliance, we can enhance revenue generation, promote investment, and spur economic growth,” the FCT minister said.

Mr Wike commended the speaker and leadership of the House of Representatives for organising the retreat. 

According to him, this demonstrated their unwavering dedication to serving the people of Nigeria.

The minister said, “Your role as legislators is pivotal in shaping policies that drive economic growth, foster innovation, and ensure equitable development for all Nigerians.” 

(NAN)