Nigerian Senate Passes Petroleum Industry Bill (PIB)

-

The Senate on Thursday passed the Petroleum Industry Bill and approved 3 per cent for the host communities.

The upper chamber passed the PIB, 2021 after the clause by clause consideration of the report of its joint committee on Petroleum (Upstream, Downstream and Gas) on PIB.

Although the Senate approved three per cent for the host communities despite protests from the South-South lawmakers, who advocated 5 per cent.


The Senate had before then, held a closed session with the Minister of State for Petroleum, Timipre Sylva and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.


Senate President Ahmad Lawan congratulated the lawmakers and said the Ninth National Assembly has achieved one of its fundamental legislative agenda. “The demons (of PIB) have been defeated in this Chamber. We have passed the bill,”  he said


The President of the Senate, Ahmed Lawan, on Monday assured that the National Assembly will pass the Petroleum Industry Bill before the end of this month. Lawan, who spoke during the opening session of the 2021 Nigeria International Petroleum Summit in Abuja, said both chambers of the National Assembly were currently concluding work on the bill.


The non-passage of the PIB had dragged on for about 20 years, despite stakeholders views that the bill would positively transform the oil and gas sector in Nigeria. The senate president said lawmakers wanted to be very fair in listening to everyone in order to adequately address the concerns of stakeholders pertaining the bill.


Lawan said, “In our legislative agenda for 2019-2023 in the 9th Assembly we decided that we must have a better way. We found out that neither the solo effort of the executive nor the solo effort of the legislature could deliver the PIB in the past. “We now have a better cooperative approach where the National Assembly will work with the administration to conceive the bill through very rigorous consultations and at the end of the day we narrowed down our differences and areas of potential conflict.”


He added, “I think we have been able to achieve that significantly. The speed and commitment the National Assembly has shown in working on the PIB and reaching where we are today shows that we have chosen the right path.

“As I speak, our joint committee of both Senate and the House on the PIB are about to conclude writing the report which will be submitted to both chambers of the National Assembly. Our expectation is that we will pass the PIB within this month of June by the grace of God”.


On his part, the Speaker of the House of Representatives, Femi Gbajabiamila, said the PIB as presently conceived, was not intended to drive anyone out of business. He said, “We are expected to encourage businesses whether foreign, local or community based. But as competing interests try to elbow each other out, it is the role of the National Assembly to look for a balancing Act

Comments

Post a Comment

Disclaimer
Comments expressed here do not reflect the opinions, thoughts, ideas and feelings of https://www.edgeofdworld.com or any employee thereof

Popular posts from this blog

President Bola Ahmed Tinubu Tax Reform

-
Image
President Bola Tinubu’s tax reform bills have sparked a lively debate in Nigeria. Many experts believe that if implemented effectively, these reforms could significantly benefit the country and its citizens. The proposed reforms aim to lay the foundation for Nigeria’s fiscal policy and are based on recommendations from the Taiwo Oyedele led Presidential Committee on Fiscal Policy and Tax Reforms. Key Provisions of the Tax Reform Bills The tax reform bills introduce several key changes to Nigeria’s tax laws. Among the notable provisions are: đź”´ Tax Exemption for Low-Income Earners : The proposed Nigeria Tax Bill offers tax relief to average Nigerian salary earners by exempting individuals earning below N800,000 per year from paying taxes. đź”´ Reduced Tax Rates for Small Businesses : The bill also proposes to exempt small businesses with annual incomes below N25 million from paying profit taxes. Additionally, the top profit tax rate for larger companies would be reduced from 30% to ...
Continue Reading »

Could President Trump issue an executive order to abolish birthright citizenship?

-
Image
President Donald Trump’s recent claims that he has the authority to end birthright citizenship through an executive order have sparked a heated debate. However, most constitutional scholars argue that such an action would be unconstitutional and likely to face legal challenges. *The 14th Amendment* The 14th Amendment to the United States Constitution, ratified in 1868, explicitly states that “all persons born or naturalised in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside” ¹. This amendment was initially intended to grant citizenship to recently freed slaves, but it has also been interpreted to confer birthright citizenship on anyone born on American soil. *Supreme Court Precedents* The Supreme Court has consistently upheld the birthright citizenship provision of the 14th Amendment in numerous cases. In United States v. Wong Kim Ark (1898), the court ruled that a child born in the United States to Chin...
Continue Reading »

President Tinubu’s NELFUND: Giving Every Student a Chance

-
Image
President Tinubu’s NELFUND: Giving Every Student a Chance “How a son of nobody and who knows nobody can access the loan freely.” Education is the foundation of progress, yet for many Nigerian students, financial barriers have been a roadblock to achieving their dreams. Recognising this, President Bola Ahmed Tinubu launched the Nigeria Education Loan Fund (NELFUND) — a visionary initiative designed to ensure that no student is left behind because of financial constraints . The heart of NELFUND is simple: it levels the playing field. Whether you come from a well-connected family or from humble beginnings, the fund is built to make sure that every Nigerian student has access to education loans without discrimination, delays, or unnecessary bureaucracy. This is why the slogan resonates so strongly: “How a son of nobody and who knows nobody can access the loan freely.” It speaks directly to millions of young Nigerians who have talent, ambition, and drive—but lack the financial su...
Continue Reading »

Bola Ahmed Tinubu GCFR President of the Federal Republic of Nigeria has hit the ground running.....

-
Image
Key takeaway points of the President’s Speech — the declaration of the end of fuel subsidy   —the reintroduction of commodity board — the immediate mandate on the CBN on the achievement of a Unified Exchange Rate and assured house cleaning at the CBN — re-evaluation of the high interest rates that is anti-investment  — focus on infrastructural development to facilitate job creation  — exponential effort on electricity generation, transmission and distribution with the participation of state governments.  — holistic review of all anti-investment and multiple taxation policies.  —the immediate facilitation of repatriation of investment and profits.  —Agricultural Revolution and the full implementation of the “Agbado Policy” 
Continue Reading »

President Tinubu’s Bold Economic Reforms: Two Years of Progress and Renewed Hope

-
Image
When President Bola Ahmed Tinubu assumed office, he inherited an economy weighed down by heavy subsidies, low oil production, dwindling reserves, and widespread investor distrust. Many believed the challenges were insurmountable. Yet, just two years into his administration, the economic indicators tell a powerful story of resilience, tough choices, and steady progress. The reforms have not been without pain, but they reflect a deliberate strategy: dismantling old structures that held Nigeria back and laying a foundation for lasting prosperity. From Deficit to Surplus: Reversing Nigeria’s Trade Balance In Q1 2023, Nigeria recorded a ₦20 billion trade deficit . Two years later, the country now boasts a ₦5.7 trillion surplus . This dramatic turnaround reflects improved oil exports, reduced importation of refined products, and stronger non-oil contributions. This surplus is more than a statistic — it shows Nigeria is regaining control of its economy and reducing reliance on foreign de...
Continue Reading »