The President of Nigeria upper legislative chamber Senator Ahmad Lawan, declared Tuesday in Abuja that the demons frustrating the passage and Presidential Assent to the Petroleum Industry Bill (PIB) within the last 14 years, will be defeated this year by the 9th National Assembly.
Lawan, who made this statement, while addressing journalists on his 62 birthday celebration, said the enthusiasm with which the National Assembly put in October 2019, to pass the Amendment Bill on Deep Offshore Oil Production Sharing Contracts, will be deployed for expeditious consideration and passage of the PIB already before it, latest by the end of 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.
“The patriotic zeal, sheer determination and unity of purpose by all serving Senators across party lines, to do this latest by the end of first quarter of this year will be deployed on the bill immediately the Senate resumes on 26th of this month the way it did with Deep Offshore Oil Production Sharing Contracts”, he said.
“Those against the move in 2019, even threatened to leave the country, but the 9th National Assembly stood its ground in getting the previously fraudulent Act, amended with passage of the bill which was assented to, by President Muhammadu Buhari on a Sunday in London.”
He, however, assured the various International Oil Companies (IOCs), working in Nigeria that the PIB to be passed this year, will not run them out of business.
“The main purpose of PIB which will later become an Act, when passed and assented to, by President Muhammadu Buhari, is to make the oil sector investments friendly for both local and foreign investors with attendant economic gains for the country.
“Through it, a required competitive environment will be provided for businesses to grow and investors to make their gains as well as Nigerians getting values for their money and the government getting more revenues,” he explained .
He added that with massive injection of budget funds into the economy, Nigeria will get out of recession in a few months time.
“This will no doubt ensure injection of massive funds into the economy and get it out of recess soonest,” he said .