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An Abuja-based policy think tank, Agora Policy, has called for an urgent amendment of the Petroleum Industry Act (PIA) to boost the federation’s petroleum revenue.

A maiden report by the policy think-tank titled “Urgent Need to Amend the PIA to Boost Federation’s Petroleum Revenue” said it is essential that relevant sections of the PIA be re-examined and appropriate revisions made to channel more petroleum revenue to the federation.

On 16 August 2021, former President Muhammadu Buhari signed the Petroleum Industry Bill (PIB) 2021 into law. The bill thus became the Petroleum Industry Act (PIA) 2021. This effectively brought an end to a 21-year process to reform the petroleum sector in the country.

The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

In its report, the think tank said the PIA was supposed to attract investment into the country’s petroleum sector; enhance the regulatory and business framework; and increase revenue accruing to the federation.

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