The All Progressives Congress (APC) has admitted that the controversial petroleum industry bill assented to by President Muhammadu Buhari is not a perfect document.

Apparently conscious of the protestations by key stakeholders from the oil-rich Niger Delta region on the salient provision of the legislation, the party assured that there would be room for improvement in the days ahead.

APC in a statement by ita caretaker secretary, Senator John Akpanudoedehe, congratulates Buhari for signing the bill into law as passed by the National Assembly.

“The new Petroleum Industry Act may not be a perfect document. No law anywhere in the world is a finished product. It is a good way to start, after decades of groping in the dark in the oil industry,” Akpanudoedehe said.

“Mr. President has broken the jinx on many fronts, this is a clear demonstration of the will of a leader, determined to do the right thing. We salute the President’s forthrightness and his courage to lead Nigeria aright.”

Applauding the National Assembly and stakeholders over the passage of the legislation, the party insist that the Nigerian economy remains the ultimate beneficiary as the new Petroleum Industry Act will overhaul the oil and gas industry by providing legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities as well as offer new fiscal incentives to investors.

APC contended that Nigeria’s oil and gas industry will no longer incur losses of as much as $15 billion in investments annually due to the delayed passage of the PIB.

The APC frowned at the Peoples Democratic Party (PDP) over its scathing attacks of the Petroleum Industry Act

“It shows that the failed opposition party is ready to play politics with the weather. We ask what was the fate of the PIB during the wasted 16 years the PDP was in government. We will let the discerning public be the judge. Meanwhile, the APC will not get tired of righting the PDP’s wrongs,” Akpanudoedehe said.