Legal Issues and Innovations Introduced by the Petroleum Industry Act 2021 in the Nigerian Oil Industry

Abstract

The assenting to the Petroleum Industry Act by the President and Commander-in-Chief of the
Armed Forces of the Federal Republic of Nigeria. Mohammadu Buhari, came up with remarkable
changes to the Nigerian oil and gas sector. In this regard, Act has brought a lot of innovations and
has solve the problems of petroleum Act. Before the repeal of the Petroleum Act, there was no
provision to compensate and develop the host communities, the Nigerian National Petroleum
Corporation (NNPC) was not a corporate body, no effective tax policy, no effective fiscal policy
and several other problems. It is regard, of this short comings of the Petroleum Act that, the
Petroleum Industry Act was enacted with several innovations aimed at solving the problems and
challenges encountered with the petroleum Act. Is concerning this that this article sort to analyse
the various innovation brought by the Petroleum Industry Act that are different from the Petroleum
Act and highlight some of its shortfall notwithstanding its innovations. The paper also makes some
recommendation that will help to improve on the Act.