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.