An Investigation of the Petroleum Industry Act 2021 in the Management of Social Security in Nigeria

Management of Social security in Nigeria has consistently been marred with errors, corruption, and fraud, hence exacerbating the already severe poverty level of the citizens of Nigeria. Analysis of the implementation of the petroleum industry act 2021 as a Strategic framework was conducted for possible means of improving social security administration in Nigeria. Despite these, there are many questions waiting to be answered. What is the level of public awareness on PIA? Which aspects or areas of PIA can improve social security? How successful have past social security been? This study looks at the key aspects of social security in relation with PIA. It also recommends the necessary measures with respects to PIA. In order to achieve the aim, the following procedures were considered; Data collection, Desktop research, review of PIA document, questionnaires across the area councils, stakeholders were interviewed and data were analyzed. Social security can be improved so long as legal framework is strengthen, there is transparency in found allocation and welfare programs are looked into. The research showed that about 40% Nigerians are living below the poverty line, low awareness of PIA, majority rated past social security programs as unsuccessful and rising crimes linked to economic disparity in Nigeria. Strict recommendations should be considered in order to achieve the aims. The religious leaders and traditional rulers should be seriously involved because they are closer institutions to the masses. Adequate public sensitization and orientation should be undertaken through a body such as National Orientation Agency on any proposed social security programs or measures. The study revealed that there are correlations between legislative provisions as exemplified in relevant sections of the Petroleum Industry Act (PIA, 2021) with respect to enhancement of social security for economic growth.
Responses and feelers from respondents in this research revealed that most of the previous social security measures undertaken by different administrations fell short of expectations, and thus failed to achieve the desired aims due majorly to corruption, lack of relevant/applicable national data, inadequate information/orientation to public/citizens and hence poor management.

Petroleum Industry Act (PIA) 2021; Social Security; Poverty

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