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Demons Frustrating Passage Of PIB’ll Be Defeated This Year -Lawan
The President of the Senate, Dr Ahmad Lawan, declared, yesterday, in Abuja, that the demons frustrating the passage and Presidential Assent to the Petroleum Industry Bill (PIB) within the last 14 years, would be defeated this year by the 9th National Assembly.
Lawan, who made the declaration, while speaking to journalists on his 62 birthday celebration, said the patriotic zeal used 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 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 14 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.
The Deep Offshore Oil Production Sharing Contracts Act, facilitated by the National Assembly in 2019, he disclosed, has increased remittances from the sharing contracts into the federation account from $216million to $2billion on yearly basis.
According to him, “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.
“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.
According to him, to achieve that, while implementation of the N13.588trillion 2021 budget commences this January, the capital component of the 2020 budget is extended to March 31, this year as requested by the executive.
“This will no doubt ensure injection of massive funds into the economy and get it out of recess soonest,” he said.
He also declared that the reversion of budget implementation cycle in Nigeria from unpredictable ones of the past to January-December now, by both the legislature and the executive, has increased the percentage of implementation and invariably delivery of dividends of democracy to Nigerians.
Lawan argued that Nigeria would generate more revenue with the passage of the Petroleum Industry Bill (PIB).
He said that the Senate would on resumption from the Christmas break on January 26, consider the bill for passage.
According to him, the PIB is important legislation that would be given the necessary attention to our resumption.
“By the grace of God when we resume, we will start work on the Petroleum Industry Bill (PIB); that is going to be one legislation that not only Nigeria but the entire world is waiting for because that will change our economy.
“Money will start flowing, so, we want you to be on that journey with us so that you too when the history of PIB passage and assent will be written, your names will be reflected.
“We promised Nigerians that we are going to achieve that by the grace of God in the year 2021,’’ the Senate president said.
He, however, said that there were people within and outside the country who were opposed to the passage of the bill.
“There are people both within and outside the country who will work against it but it is going to take the strength of our patriotism to pass it,” Lawan said.
He further said that the PIB would be given the same speed accorded the Deep Offshore Production Sharing Contract bill.
“When in 2019, we said we will pass the amendment to the Deep Offshore Production Sharing Contract in this house, we spent nights.
“We close by 2 a.m., 3 a.m., just working to amend that act; people didn’t want it to happen because it stopped what has been happening for 20 years.
“In a week, they thought it was a joke. In a week we finished the amendment because the house was on recess, the day they returned, they concurred.
“Mr. President knew how important that amendment was. He was in London and that bill was flown to him and he signed on a Sunday just to give that amendment the validity that was needed,” he said.
Lawan added: “We lost billions of naira because we were supposed to be given $2billion every year in the last 20 years; they were giving us $216million.
“But from last year, after the amendment, it is now $2billion.
“That is what we intend to do with the PIB, we will pass the PIB that will ensure that businesses here get a very competitive environment, that people can make a profit and stay and even invest more.
“It is necessary and incumbent on all of us leaders, to apply ourselves fully to address the various challenges facing Nigerians.”
He noted the need for leaders in the country to surmount the challenges, saying that there should be no excuses in finding solutions to the problems.
“It is not easy. And sometimes, when you are outside the system, you think two plus two is four. Until you get in then you will discover it’s beyond that arithmetic, but there should be no excuses,” he said.
President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.
The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.
The ceremony took place at the Presidential Villa, yesterday.
The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.
The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.
Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.
Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”
Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”
He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.
According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”
He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.
The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.
However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.
At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.
They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.
After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.
By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.
In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.
“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.
“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.
He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.
The President added, “We are not just signing tax bills but rewriting the social contract.
“We are not there yet, but we are firmly on the road.”
The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.
Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.
However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.
Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.
The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But lawmakers rejected the request.
The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.
“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.
Other lawmakers echoed similar frustrations.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.
The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.
Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.
Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.
The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.
Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.
The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.
The National Association of Nigerian Travel Agencies (NANTA) said over 17 million Nigerians travelled out between 2023 and 2024.
This is as the association announced that it would be organising a maiden edition of Eastern Travel Market 2025 in Uyo, Akwa Ibom State capital from 27th to 30th August, 2025.
Vice Chairman of NANTA, Eastern Zone, Hope Ehiogie, disclosed this during a news briefing in Port Harcourt.
Ehiogie explained that the event aims to bring together over 1,000 travel professionals to discuss the future of the industry in the nation and give visibility to airlines, hospitality firms, hospitals and institutions in the South-South and South-East, tagged Eastern Zone.
He stated that the 17 million number marks a significant increase in overseas travel and tours.
According to him, “Nigerian travel industry has seen significant growth, with 17 million people traveling out of the country in 2023”.
Ehiogie further said the potential of tourism and travel would bring in over $12 million into the nation’s economy by 2026, saying it would be a major spike in the sector, as 2024 recorded about $4 million.
“The potential of tourism and travel is that it can generate about $12 million for the nation’s economy by 2026. Last year it was $4 million.
“In the area of travels, over 17 million Nigerians traveled out of the country two years ago for different purposes. This included, health, religious purposes, visit, education and others,” Ehiogie said.
While highlighting the potential of Nigeria’s tourism, he said the hospitality industry in Nigeria has come of age, saying it is now second to none.
The Vice Chairman of NANTA, Eastern Zone further said, “We are not creating an enabling environment for business to thrive. We need to support the industry and provide the necessary infrastructure for growth.”
He said the country has a lot of tourism potential, especially as the government is now showing interest in and supporting the sector.
Ehiogie emphasized that NANTA has been working to support the industry with initiatives such as training schools and platforms for airlines and hotels to sell their products.
He added, “We now have about four to five training schools in the region, and within two years, the first set of students will graduate. We are helping airlines sell tickets and hotels sell their rooms.”
Also speaking, former Chairman of the Board of Trustees of NANTA, Stephen Isokariari of Dial Travels, called for more support from the industry.
Isokariari stated, “We need to work together to grow the industry and contribute to the nation’s Gross Domestic Product.
“With the right support and infrastructure, the Nigerian travel industry has the potential to make a significant contribution to the nation’s economy.”