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Gbajabiamila Assures PIB, Electoral Act Passage In Two Weeks …As Senate Debates PIB Report, ’Morrow
Baring any change of plans, the long-awaited Petroleum Industry Bill (PIB) will be passed into law in two weeks’ time.
The Speaker of the House of Representatives, Hon Femi Gbajabiamila made the disclosure during the lower chamber’s plenary, yesterday.
He also reiterated the commitment of the House of Representatives to pass the Electoral Act Amendment Bill as well as the Supplementary Budget into law.
Gbajabiamila, who read a letter from President Muhammadu Buhari, seeking parliamentary approval of the 2021 Supplementary Appropriation Bill of N895.8billion, disclosed at plenary, yesterday.
He encouraged the House to work together within the time frame to ensure the passage of the three pieces of legislation.
He said, “I will be meeting with the Ad-Hoc Committee on PIB, today by 3 pm to tidy up some things. We need to pass these pieces of legislation before we go on the annual break. Two weeks is a very short time. We must do it all. These are landmark legislations, including the supplementary budget.”
Meanwhile, the Senate will, today, consider the 2021 Supplementary Budget of N895.8billion.
The President of the Senate, Dr Ahmad Lawan, said this in his remarks on a Point of Order raised by the Chairman, Senate Committee on Appropriations, Sen. Jibrin Barau, during plenary, yesterday.
Barau had raised Point of Order 43 of the Senate Standing Rules, seeking for more time to submit the report on “A Supplementary Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N895, 842, 465, 917.
“We were given the mandate to submit the report today (Tuesday).
“I want to inform this distinguished Senate that we have started work on the bill. We discovered that we needed more time because we feel we must meet the minimum standard set out by the rules of this Senate in processing the bill.’’
According to him, the time we expect we will be able to do this is this week, and then get our report submitted next Tuesday.
“I appeal to this distinguished Senate to permit us to submit our report on Tuesday next week.’’
President of the Senate while interjecting said, “chairman, you will not have more than today.
“This is a very straightforward Supplementary Budget request. So, it doesn’t need two weeks working on it. And you remember, we have a line-up of so many important bills to consider in this Senate.
“So, you have today. You lay tomorrow, we receive tomorrow, please. Because I am sure you had the entire weekend from Wednesday, almost six days. That should be enough. These are just two sectors.
“It is not a complicated thing. So, you don’t need up to Tuesday next week. So, you submit tomorrow (Wednesday) please,’’ Lawan said.
It would be recalled that a Supplementary Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation, the total sum of N895, 842, 465, 917 on June 23, scaled second reading in the Senate.
President Muhammadu Buhari had sent a request for supplementary budget to the upper chamber in a bid to help fight insecurity and purchase vaccines in tackling the Covid-19 pandemic.
Similarly, the Senate will, tomorrow, debate the report of its joint committees on Petroleum (Upstream, Downstream and Gas) on the Petroleum Industry Bill.
The Senate President, Dr Ahmad Lawan, disclosed this, yesterday, after the chairman of the panel, Senator Mohammed Sabo (Jigawa South West) submitted the committees’ report.
Lawan said, “We will be considering the report on Thursday. We have today, tomorrow and Thursday to look at the report so that when we consider the report, we will be doing so on the basis of what we have been able to read from this very important report.”
The Senate President urged the Joint Committee to provide lawmakers with copies of the bill ahead of its consideration to enable them study its content.
“Let me use the opportunity to thank our Joint Committee for working so hard, selflessly and patriotically to produce the report on the Petroleum Industry Bill.
“This report, a copy each, must be made available to each and every senator today, this afternoon.
“I don’t know how the committee would arrange it, but every senator must have a copy today.
“And we would be considering the report on Thursday.
“So, we have today, tomorrow until the beginning of Thursday to look at the report so that when we consider it, we will be doing so on the basis of what we have been able to read from this very important report,” Lawan said.
The bill seeks to establish a framework for the creation of commercially-oriented and profit-driven petroleum entities, to ensure value addition and internationalisation of the petroleum industry, through the creation of efficient and effective governing institutions with clear and separate roles for the petroleum industry.
The bill is the first in a series of long awaited petroleum industry laws designed to reform the Nigerian oil and gas industry.
The PIB, an omnibus law meant to regulate the entire sphere of the industry and repeal all current existing oil and gas legislation, had struggled to see the light of day ins spite of its introduction to the National Assembly over 16 years ago.
Subsequently, the National Assembly decided to break the PIB into a number of different pieces of legislation guiding specific aspects of the industry.
Senate also at plenary considered for first reading, five bills.
The bills are, Recovery of Premises Act 1995 repeal and re-enactment Bill 2021, sponsored by Sen.Odey Stephen (PDP Cross -River); Federal University of Technology Akwa Ibom Establishment Bill, 2021 by Sen. Akpan Bassey (PDP Akwa Ibom); Federal University of Technology Jigawa Establishment Bill, 2021 by Sen.Mohammed Sabo (APC-Jigawa).
Others are, Mortage Institutions and Allied Matters Act Amendment Bill, 2021 by Sen.Ibikunle Amosu (APC-Ogun); and National Research and Innovation Council Establishment Bill, 2021 by Sen.Ibezim Chukwuma (APC-Imo).
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.
Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.
He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.
“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.
He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.
The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”
Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.
He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.
“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.
The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.
Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.
Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.
Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.
Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.
He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.
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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.
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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.
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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.
?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.
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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.
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Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
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