The federal government says while oil prices are on the rise, Nigeria is not reaping the full benefits of the current windfall because of years of neglect of the oil industry.
The minister of information and culture, Mr. Lai Mohammed, gave the explanation at a media briefing on Monday in Abuja.
He said while oil-producing countries “are today smiling to the bank as oil prices are on the rise’’ Nigeria is not, because the previous administration failed to stimulate growth in the oil sector for many years.
The minister specifically fingered the 16-year rule of the Peoples Democratic Party (PDP) which he said failed to put in place the Petroleum Industry Law.
“Better late than never, they say. President Muhammadu Buhari last year signed into law the Petroleum Industry Bill, now the Petroleum Industry Act (PIA).
“The PIA is envisaged to foster investment in the industry and delineate responsibilities to the various institutions.
“This is a monumental achievement in the critical oil and gas sector,’’ he said.
