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.