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Nigeria Loses $200bn Deals …Over Non Passage Of PIB
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria has lost $200 billion of investments due to its inability to legislate the proposed reform in oil and gas.
PENGASSAN said this in a position paper sent to the Chairman and members of the Senate Joint Committee in the Petroleum Industry Governance Bill in Abuja.
The union came out with the position paper signed on Wednesday in Lagos at the end of a seven-man committee meeting headed by Chika Onuegbu.
According to the paper, the country loses $15 billion annually in investments withheld or diverted by investors.
“We will not have also lost $100 billion potential earnings in five years from 2010 to 2015 had the PIB been passed into law in 2009,” the union said in the paper.
PENGSSAN, in the paper, said that it looked forward to the passage of the entire bill because it dealt with important aspects of the petroleum industry reform in Nigeria.
“PENGASSAN’s position on the oil and gas reform remained the same whether the bill remains as a single document or broken into parts since the Minister of State for Petroleum, Dr Emmanuel Ibe Kachikwu, has said that PIB will be divided into six,” it said.
The paper said that the objective of the reform of the sector for national interest was secured in transparent and accountability.
It said that the broad policy thrust on institutional framework was aimed at ensuring that Nigeria applied global best practice for the administration of the oil and gas industry.
The paper advised the senators not to hearken to the concerns of stakeholders and workers and ensure that the bill was passed.
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
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