The Petroleum Industry Act 2021 (PIA) was signed into law at the eleventh-hour of Nigerian previous administration hence its effective implementation falls on the current administration of President Bola Tinubu. This paper finds that the major objective of the PIA is to drive Nigeria’s economic development through facilitating greater investment by local and foreign investors in the petroleum industry and increasing government’s revenue from the industry. The general and novel provisions of the PIA as examined in this paper show a restructured petroleum industry with its management based on resource governance principles of transparency and accountability. Under the Renewed Hope Agenda of the ruling party, President Tinubu promised to implement a plan for the petroleum industry based on the principles of transparency and accountability. This paper determines that the plan for the industry under the Renewed Hope Agenda of Tinubu presidency has the necessary legal framework in the provisions of the PIA.