Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, CBN has faulted the Petroleum Industry Act recently accented by President Muhammadu Buhari.
Moghalu, a former presidential candidate of the Young Peoples Party in the 2019 general election said in a post on twitter that the Petroleum Industry Act as finally passed and signed by President Buhari (over the objections of state Governments) is a travesty of justice!
According to him “Giving 30% of @NNPCgroup profits for “frontier exploration” and 3% for host communities is stealing the resources of the Niger Delta!
” This a perfect example of Nigeria existing in the mind of certain cabals simply to service vested interests.
“If some militants react by bombing pipelines now, @NGRPresident will shout “terrorism”!
“This country needs to be constitutionally redesigned, else we are simply fostering injustice and avoidable conflict.
” This 30% “frontier basin exploration” steal is only one of several aspects of the bill that are wrong and unconstitutional”.
