Jonathan Signs 2010 Budget, Oil Bill Into Law

Acting President, Dr Goodluck Jonathan, signing the 2010 budget in Abuja on Thursday

Acting President Goodluck Jonathan yesterday signed the 2010 Budget of N4.6 trillion and the Nigerian Oil and Gas Industry Content Development Bill 2010 into laws.

Signing the laws in the State House, Abuja, Jonathan said the budget was to accelerate economic recovery through targetted fiscal interventions designed to stimulate the economy and support sustained private sector growth.

He expressed the hope that the appropriated expenditure would be rapidly used to accelerate initiatives that would enhance the pace of development in the country.

“I sign this budget authorising aggregate expenditure of N4.6 trillion mindful of many challenges facing us and the need to intervene quickly to address these multi-faceted issues.

“However, I am encouraged by our unwavering resolve and collective commitment to overcome any attendant adversity,’’ he said.

The acting president promised that increased emphasis would be on monitoring the services by ministries, departments and agencies (MDAs) by tracking their outputs with the financial and other resources appropriated to them in the budget.

He said the office of the Minister of Special Duties would be structured and empowered to undertake the task of monitoring and evaluating all government projects and activities.

“This administration will quickly move to identify and resolve the impediments to implementations, rewarding excellence and performance and applying sanctions where otherwise,’’ he said.

On the Oil and Gas Industry Content Development law, Jonathan said it would address the compelling need for the nation to have indigenous participation in the oil industry.

He said the law would apply to all tiers pertaining to Nigerian content in respect of all operations or transactions carried out in or connected with the Nigerian oil and gas industry.

The acting president said the Act would provide for the development of the Nigerian content plan, supervision, coordination, monitoring and implementation of Nigerian content and for related matters.

According to him, the Nigerian Content Development and Monitoring Board established in accordance with the Act shall make procedure that will guide, monitor, coordinate and implement the provisions of the Act.

He said the steps would ensure a measurable and continuous growth of Nigerian content in all oil and gas arrangement, projects, operations, activities or transactions in Nigeria’s oil and gas industry.

“I must note that the content of the law may not be perfect but we are surely on the road to greater security through ownership and participation as well as industrial technology development.

He thanked the leadership and members of the National Assembly for their cooperation in ensuring the smooth passage of the 2010 budget and Nigerian oil and gas bill.