Senate Assures Passage Of PIB This Yr

13 January 2021 by James Itodo

The President of the Senate, Ahmad Lawan, says obstructions to passage and Presidential Assent to the Petroleum Industry Bill ( PIB) within the last fourteen years will be defeated this year by the 9th National Assembly.

Lawan who stated this while speaking to journalists on his 62nd birthday, said the zeal exhibited by the National Assembly in October 2019, to pass the Amendment bill on Deep Offshore Oil Production sharing contracts, would be deployed for expeditious consideration and passage of the PIB already before it, latest by the end of the first quarter of this year .

” PIB is like a demon . People both within and outside the country , are ready to work against it as they have been doing for the past fourteen years but the 9th Senate and by extension, 9th National Assembly will defeat the demon with the current bill before both Chambers ” he said.

According to the President of the Senate
the Deep Offshore Oil Production Sharing Contracts Act , facilitated by the National Assembly in 2019 has increased remittances from the sharing contracts into the federation account from $216million to $2billion on yearly basis .

He lamented that for 20 years , foreign forces and local collaborators , frustrated efforts to amend the Deep Offshore Oil Production Contract Act , but got defeated in October 2019 with passage of Amendment to the Act by both Chambers of the 9th National Assembly with attendant financial and economic gains for the country .

He however assured the various International Oil Companies ( IOCs) , working in Nigeria that the PIB to be passed this year , would not run them out of business .

” The main purpose of PIB which will later become an Act, when passed and assented to , by President Muhamnadu Buhari, is to make the oil sector investments friendly for both local and foreign investors with attendant economic gains for the country .

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