In a recent interview on Arise TV’s Morning Show, Senior Advocate of Nigeria, Dr Olisa Agbakoba, criticized the Petroleum Industry Act (PIA), stating that it was designed for money and contract sharing rather than the country’s development. He challenged politicians to name one successful commercialized or privatized government entity in Nigeria, claiming that privatized Nigerian-owned entities only benefit a few individuals.
Agbakoba highlighted the inefficiencies in the PIA, questioning why fuel scarcity still persists if the act was supposed to be so beneficial. He emphasized that commercialization and privatization do not necessarily lead to development, referencing China and Saudi Arabia’s state capitalism models.
He also pointed out the flaws in Section 64 of the PIA, which allows the NNPCL to draw money outside the Constitution’s provisions. Agbakoba criticized the focus of the PIA on contract-sharing rather than national development, calling for a shift away from this model towards one that benefits all Nigerians.
\
[ad_2]
Source link
Brazilian President Luiz Inacio Lula da Silva is recovering in intensive care after having emergency…
A former world cycling champion is facing up to seven years in prison after admitting…
A border that would have been populated by Bashar al-Assad's regime forces was deserted as…
BBC investigation spoke to more than 30 former staff members, many of whom claimed to…
The 79-year-old leader's bleed stems from an injury he sustained during a fall in October.…
The 26-year-old man was taken into custody at a McDonald's in the town of Altoona,…
Pattni has been accused of smuggling gold and exploiting natural resources in Africa for decades.…
Rohan Dennis was driving a car that struck his wife, fellow Olympian Melissa Hoskins, in…
The industry has long faced criticism, with some breeders accused of mistreating or doping the…
Assertions that South Africa is becoming a haven for terrorist activities, made in both media…
The criminal prosecution of SA Football Association boss Danny Jordaan on fraud charges was struck…
Mamelodi Sundowns have confirmed the appointment of Miguel Cardoso as their new head coach, marking…
The Road Accident Fund says it won't compensate people who intentionally cause motor vehicle accidents…
Ciniso Masuku, made his first appearance in the Specialised Commercial Crimes Court sitting in Palm…
Go ahead -- you can call it a comeback. Chinese world champion Ding Liren showcased…
India's equity mutual fund inflows come off record highs in November Go to Story
The crisis comes as Abkhazia’s authorities announced last week that Russia had suspended financial aid to…
Full Coverage
Full Coverage
Citing public safety and Biden's approach to the Israel-Palestinian situation, many in the Jewish neighborhood…
In final tallies of the 2024 presidential election, Downey and other largely Latino working-class cities…
States that rely on the Colorado River are at an impasse in talks on rules…
Two more former Southern California officials have admitted to participating in a cannabis corruption ring.…
If Vice President Kamala Harris decides to run for California governor, she would seismically reshape…
The authority’s verdict is only advisory, as the final decision will lie with Deputy PM…
Full Coverage
That new unit will include new analytical tools and powers to investigate sanctions evasion and…
Looking to help boost your brainpower? These supplements are designed to enhance focus, memory, and…
Billionaire property tycoon Nick Candy said he would give a “seven-figure” sum to Reform UK…
After individual consultations, the president, who has still not appointed a new prime minister, invited…
French-Cameroonian journalist Charles Onana and his publisher have been convicted by the Paris Criminal Court…
Ghana's opposition party candidate, John Mahama, won the presidential election with 56.55% of the vote…