The implementation of the Petroleum Industry Act 2021 is going to significantly reduce the revenue accruable to the Federation Account, the Revenue Mobilisation Allocation and Fiscal Commission declared on Wednesday. It stated that while the PIA sought to provide legal, governance, regulatory and fiscal framework for the management of the petroleum industry and the development of host communities, its promoters might not have thought through the impact of the Act on revenues to the Federation Account. The RMAFC disclosed this in a report it presented to oil and financial sector players as well as other stakeholders at a retreat with the theme, “Petroleum Industry Act 2021 and its Impact on Federation Revenue,” held in Uyo, Akwa Ibom State. In the report, which was made available to our correspondent in Abuja, the commission said, “The Petroleum Industry Act 2021 is a bold attempt to address regulatory and governance issues that have impacted negatively on the growth of the Nigerian petroleum industry in the last three decades.
