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Senate’s Passage Of PIGB Excites N’ Deltans …As Saraki Announces Passage Of 201 Bills In Three Years
Stakeholders in the Niger Delta have expressed gratitude to the Senate for the passage of the much-awaited Petroleum Industry Governance Bill (PIGB), with approval of five per cent levy on fuel sold across the country.
The stakeholders, who spoke with The Tide, in Port Harcourt, yesterday, said that the passage of the bill by the Senate, last Wednesday, was a welcome development, more than 14 years after the bill was introduced in the National Assembly.
They argued that the bill, if assented into law, would enhance economic revitalisation of the region, and boost revenue inflow across all oil producing states in the region, while at the same time curbing youth restiveness and unemployment.
It would be recalled that the passage of the bill was sequel to unanimous adoption of the report on the Bill presented by Chairman, Senate Committee on Petroleum (Upstream), Senator Tayo Alasoadura by the lawmakers at plenary, last Wednesday.
The Bill is the culmination of several years of efforts at reforming the oil and gas industry.
The process began under former President Olusegun Obasanjo in 2000, with the establishment of Oil and Gas Implementation Committee (OGIC).
“OGIC issued a report and policy document, which was later approved by the Late Musa Yar’ Adua’s administration and resulted in the Petroleum Industry Bill being forwarded to the 6th National Assembly.”
The Bill went through several redrafts, including a wholesale amendment by the Executive arm of government, but it ultimately failed to be passed during the 6th National Assembly.
In the aftermath of the fuel subsidy protests in January, 2012, the then Minister of Petroleum Resources, Mrs Deziani Alison-Madueke announced the establishment of a technical committee to harmonise the various versions of the draft bill.
The PIGB as passed seeks to provide for the governance and institutional framework for the petroleum industry.
Specifically, the PIGB seeks to unbundle the Nigerian National Petroleum Corporation (NNPC), provide for the establishment of Federal Ministry of Petroleum Incorporated and Nigerian Petroleum Regulatory Commission.
Others are Nigerian Petroleum Assets Management Company and National Petroleum Company and Petroleum Equalisation Fund.
The regulatory bill bulkanises NNPC and creates the National Petroleum Commission.
It scraps the Department of Petroleum Resources (DPR) and the Petroleum Products Pricing Regulatory Agency (PPPRA) and establishes the Nigeria Petroleum Regulatory Commission which will take over the functions of the three agencies.
It also empowers the body to issue licenses, permits or authorisations for downstream gas, petroleum products, storage depots, retail outlets, transportation and distribution facilities for the industry.
The five per cent fuel levy will be used to finance the Petroleum Equalisation Fund (PEF) as established in the bill.
This followed consideration and adoption of the conference committee report on the PIGB at plenary.
Section 36 (1) (a) of the Bill provides that “there shall be established the Petroleum Equalisation Fund into which shall be paid all monies payable to the Equalisation Fund by way of a five per cent fuel levy.
“This is in respect of all fuel sold and distributed within the Federation which shall be charged subject to the approval of the Minister (of Petroleum)”.
Other sources of funding PEF, according to the Bill, include subventions, fees and charges for services rendered as well as net surplus revenue recovered from petroleum products marketing companies.
The Bill says Equalisation Fund shall collect all revenues and levies charged, determine the net surplus revenue recoverable from any oil marketing company.
“Determine the amount of reimbursement due to any oil marketing company for purposes of equalisation of price of products among others.’’
Speaking after the bill was passed, President of the Senate, Dr Bukola Saraki, urged President Muhammadu Buhari to sign the bill.
“I hope with this, we will get the assent of the President and hopefully open a new page for the petroleum industry,” he said.
Meanwhile, the President of the Senate Dr Bukola Saraki took to his twitter handle @BukolaSaraki announced yesterday that the Senate has passed a total of 201 bills in three years and congratulate his colleagues for a job well done.
Saraki expressed optimism that in the 15 months that were left, the senate would pass more bills that will affect the lives of Nigerians.
“As of today, the Senate has passed 201 Bills. We still have 15 months to go, yet, we have reached this milestone. I would like to thank my Distinguished Colleagues for their hard work and cooperation over the last 33 months.
As of today, the Senate has passed 201 Bills. We still have 15 months to go, yet, we have reached this milestone.
I would like to thank my Distinguished Colleagues for their hard work and cooperation over the last 33 months, Saraki said.
Rivers State Governor, Sir Siminalayi Fubara, has said that peace has prevailed because he draws strength from God to resist insults and tantrums thrown at him while frustrating attempts by some disgruntled persons who wanted to plunge the State into unending crisis.
The Governor also said that because he has anchored his Government on promoting peace, the enabling atmosphere has been provided for investments and sustainable development to flourish.
Governor Fubara made the assertion when he received a delegation of members of the Bishops and Gospel Ministers’ Association International Incorporated, Rivers State Chapter, at Government House in Port Harcourt, yesterday.
Represented by the Head of Rivers State Civil Service, Dr George Nwaeke, Governor Fubara said while most people took his meekness for weakness, his stance on peace has unarguably enhanced harmonious atmosphere of concord as residents sleep with their two eyes closed, and investors and shareholders are happy with the returns on investment.
He said, “Before, what they hear of Rivers State is that they are fighting, and some genuine investors will not come. Some people even ask you: How are you coping in Rivers State?
“But now”, he asserted: “The Governor has brought about a lot of changes in the State. One of the most important things is that he has changed the negative narrative. It is no longer Rivers of blood. It is now Rivers of peace.
“We are enjoying our lives here. Why? Because there is a change in the narrative. We have peace. The Governor is, as much as possible, absorbing any level of insult at him only for one purpose: that Rivers State may have peace; that we may grow; that this state will experience genuine development.”
Governor Fubara urged them, as members of the Christian family in the State, to continue to pray for the State and the Government so that the enemies of the State will be put to greater shame.
“This peace is what I want you to embrace. Go and continue to pray, because when the sower of the seed went and sowed, the enemy went in the night and sowed tares inside there. But the Governor is sowing peace.
“When I listened to the leader of the team, His Grace Eddy Ogbonda, he said you came all the way from Eleme Junction, and stopped at major junctions, and you uttered prayers for the peace of Rivers State.”
He also said: “I, hereby want to thank you for identifying with the Governor at a time like this. At a time when it looks as if someone wants the Governor’s peace posture misunderstood as weakness.
“When someone has the strength to fight back, but refuses to fight back. That is a bigger strength; that power of restrain does not just come, it can only come from God.
“You cannot give peace, if you do not have peace within you. The Governor is not interested in any form of trouble or violence. What he is interested in is known, and it is: let there be peace in Rivers State,” he said.
In his address, leader of the group, Archbishop Eddy Ogbonda, said they had observed a week-long intensive prayers that culminated into a peace rally, which brought them to Government House, and assured the Governor that God will continue to give him victory over his adversaries while preserving Rivers State.
“It is Rivers State Prophetic Prayer Convocation and Rally 2024 with the theme: ‘Peace be still’. Of a truth, everyone of us understands that we live in a time when we need peace much more than any other thing.
“Rivers State needs peace. Everyone as individuals need peace. The country needs peace, and the world at large needs peace. So, we are here to do a peace march. We pray that God will command His peace to reign in Rivers State,” he said.
The Economic and Financial Crimes Commission (EFCC) has stated that hotels, schools, and other establishments that accept payments in dollars from their customers are at risk of facing arrest.
The Chairman of EFCC, Ola Olukoyede, said this in the agency’s publication called EFCC Alert on Monday, adding that action would be taken against individuals involved in the dollarisation of the economy.
According to him, the exception is if foreigners come in to transact business and the only means of transacting is their credit card and dollar but to charge local customers in dollars or other foreign currencies would no longer be allowed.
He said charging local activities and customers in dollars is against Nigeria’s constitution.
The EFCC chairman said, “Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.
“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not? You will get that.
“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.
“Our law does not allow for that. And we have also affected some arrests.”
Rivers State Governor, Sir Siminalayi Fubara, has enjoined Muslim faithful to remain steadfast to the lessons learnt during the holy month of Ramadan.
Governor Fubara stated this in his message of felicitations to Muslims as they celebrate the 2024 Eid-el-Fitr Sallah, which marks the end of the one-month Ramadan fasting.
The Governor emphasised the importance for Muslims to also uphold the tenets of Islam by exhibiting the fear of God and showing piety in their daily work.
Governor Fubara said, “We must all continue in the good attributes imbibed during the holy month of Ramadan as directed by God through His Prophet, so as to ensure peace, unity and harmony in the society for a better future.”
While praying that the essence of the festival offers them happiness, peace and prosperity in all aspects of life, Governor Fubara said he recognises and appreciates the critical role that the Muslim community continues to play in the development of Rivers State, and indeed, Nigeria at large.
Governor Fubara charged them to remain unwavering and steadfast in their commitment and positive contributions to advance the development of the State and the country.
“I enjoin you all in the State to remain calm, be patient and continue to do what is right,” the Governor added.
He wished the Muslim faithful in the State and across the country a happy Eid-el-Fitr celebration.
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