Politics
Reps Okay Bill To Plug Revenue Leakages In Oil Sector
The House of Representatives, last Wednesday, passed a bill seeking to help plug leakages in government’s streams of income in the oil sector for second reading.
This followed a motion by the Deputy Majority Leader, Ahmed Wase, at plenary, presided over by Speaker Yakubu Dogara in Abuja.
Moving the motion, Wase (APC-Plateau) noted that as a result of lack of amendment of the Act, government has lost 21 billion dollars since 2008 when its review was due.
“Government loses about 8 million dollars daily as a result of lack of review,” he said.
According to him, a Bill for an Act to amend the Deep Offshore and Inland Basin Production Sharing Contracts Act, 1999, will help to provide more efficient methods of computing accruable revenue of government.
“It will improve the revenue of the government of the federation.
“Such additional revenue can adequately fund part of our budget deficit, boost the economy and improve living conditions of Nigerians.
“It will improve the petroleum industry governance,” he said.
According to the lawmaker, the bill seeks to effect an amendment in the Principal Act (Deep Offshore and Inland Basin Production Sharing Contracts Act, 1999) in order to plug leakages in government revenue streams and ensure the Federal Government maximises sufficient royalties from Production Sharing Contracts (PSC) between NNPC and International Oil Companies (IOCs).
“PSC was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) between the NNPC and IOCs and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage.
“Under these arrangements, the NNPC is the holder of the concession while the IOC is the contractor.
“In 1993, the NNPC entered into PSCs with eight IOCs and Nigeria is believed to have attracted much needed additional foreign investment as a result.
“These new PSCs attracted IOCs due to their favourable fiscal and legal regimes, as IOCs were given a higher profit share for the more marginal and high risk projects off shore,” he explained.
Wase said in 2000, eight new deep water licenses were offered, of which the terms of the PSC were considered to be tougher for IOCs.
He said the reduced risks involved in finding larger deep water reserves was the main reason for tougher profit oil splits in the 2000 PSC terms.
“In 2005, 14 deep water licenses were offered, of which certain alterations were again made to the PSC model contract,” he said.
He said Sections 16 of the Principal Act was amended by adding a new subsection (3) immediately after subsection (2) of the Principal Act.
Wase pointed out that: “Section 16 (3) In accordance with the provisions of subsection (1) stipulated that a royalty rate by price of 50 per cent should be for the additional revenue in the contract area of the Production Sharing Contracts under this Act.
“And the additional revenue shall be determined by the product of the volume of crude oil or condensate sold and the difference between the actual nominal sales price of the oil or condensate and the nominal value of $20 per barrel, (1993 real terms), at the time of sales, provided that the value of $20 per barrel (1993 real terms) shall be determined based on relevant US All Items Consumer Price Index (CPI) as published by the US Bureau of Labour Statistics,” he said.
He said the amendment was imperative to improving government’s revenue for the overall interest of the people.
“I therefore urge this Honorable House to consider it for passage,” he enjoined.
After a debate on the motion, the speaker, put it on a voice vote and the lawmakers unanimously supported it.
He then referred the bill to the House Committee on Petroleum Upstream for further legislative action.
The Independent National Electoral Commission (INEC) has extended the deadline for political parties to submit the list of candidates for the 2027 governorship and state Houses of Assembly elections from Saturday, August 8, to Tuesday, August 11, 2026.
The commission announced the extension in a statement issued on Saturday and signed by the National Commissioner and Chairman of its Information and Voter Education Committee, Mohammed Haruna.
According to INEC, the decision followed appeals by political parties for additional time to complete the submission process through the dedicated online portal.
“The submission window, which according to the revised Timetable and Schedule of Activities for the General Election was originally scheduled to close on Saturday, 8th August, 2026, has been extended to Tuesday, 11th August, 2026,” the commission said.
In a a related development, INEC announced the suspension of PVC collection in Osun State ahead of the August 15 governorship election.
The commission said voters who applied for replacement of lost, damaged or defaced Permanent Voter Cards would have until midnight on Sunday, August 9, to print downloadable copies of their cards.
The electoral body explained that the deadline was necessary to enable it compile data on downloaded PVCs and produce final statistics on the total number of cards collected ahead of the election.
INEC said PVC collection in Osun commenced at the Registration Area level from July 22 to 28, 2026, but was extended to July 31 following complaints about large crowds and difficulties experienced by voters at collection centres.
The exercise subsequently moved to the local government level and ran from August 1 to 7.
The commission also disclosed that replacement downloadable PVCs had been made available to voters in Odo-Otin and Ife Central Local Government Areas following the theft of cards during attacks on the two collection centres.
It stressed that the stolen cards could not be used to vote.
INEC reassured Osun residents of its preparedness for the August 15 governorship election.
“The commission reiterates that the stolen cards cannot be used to vote.
“INEC reassures the people of Osun State of its readiness to conduct a free, fair, credible and inclusive governorship election on 15th August, 2026,” the statement said.
The commission said the deadline, initially set for Saturday, 8 August, has been extended to Tuesday, 11 August 2026, following appeals from political parties for more time.
INEC also announced that the window for voters who applied to replace lost, damaged or defaced PVCs to download their replacement cards will close at midnight on Sunday, 9 August.
The move is to enable the commission compile final PVC collection figures ahead of the 15 August Osun governorship election.
INEC said replacement downloadable PVCs have also been provided to affected voters in Odo-Otin and Ife Central Local Government Areas after hoodlums carted away cards from two collection centres, stressing that the stolen cards cannot be used to vote.
The commission reaffirmed its readiness to conduct a free, fair, credible and inclusive election in Osun State.
Gov. Kefas made the remarks over the weekend at the Federal Medical Centre (FMC), Jalingo, during the flag-off of the second phase of the Renewed Hope Medical Outreach in Taraba State, organised as part of activities marking Prof. Yilwatda’s 58th birthday.
The governor commended Prof. Yilwatda for choosing to mark his birthday by providing medical care to people in need.
“What Professor Nentawe did is a powerful demonstration of what leadership should be,” Gov. Kefas said.
He assured that his administration would continue to support initiatives that complement government efforts to improve healthcare delivery and the wellbeing of residents.
Speaking at the event, Prof. Yilwatda called on Nigerian leaders to embrace the culture of giving and use their positions to touch the lives of the less privileged.
He said his decision to celebrate his 58th birthday in Taraba State was deliberate and informed by the needs of underserved communities, particularly people who face difficulties accessing healthcare because of distance and financial constraints.
According to him, the intervention followed a needs assessment and was extended across the three senatorial districts of the state.
He said the exercise commenced on August 3 at Takum General Hospital and covered the Federal University Teaching Hospital, Wukari; First Referral Hospital, Sunkani, Ardo-Kola Local Government Area; General Hospital, Bali; General Hospital, Gembu; and FMC Jalingo.
Prof. Yilwatda said the intervention provided medical services to thousands of beneficiaries, including people who required surgical procedures.
He said sustainable national development could only be achieved when strong institutions placed Nigerians at the centre of development.
“Leadership is about service,” he said, urging political and public leaders to make giving back to society an important part of their responsibilities.
He reaffirmed his commitment to serving Nigeria and its people, saying his personal vision was to make every day of his life useful to humanity.
“Every day that I live, the vision is: let it be useful to humanity,” he said.
The Taraba State Commissioner for Health, Dr. Bordiya Buma, commended the initiative, saying it was consistent with the Renewed Hope agenda and efforts to strengthen healthcare delivery in the state.
Dr Buma said the second phase followed the successful completion of the first phase, which was conducted simultaneously in six local government areas, with two LGAs selected from each of the three senatorial districts.
According to him, more than 10,000 patients were attended to during the first phase, including people with medical and surgical conditions.
He disclosed that 327 general surgeries, 71 eye surgeries and 575 dental procedures were carried out during the exercise.
The commissioner expressed appreciation to President Bola Tinubu for the Renewed Hope Medical Outreach and thanked Prof. Yilwatda for supporting the initiative and choosing Taraba State as a beneficiary.
The Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, also commended Prof. Yilwatda for choosing Taraba State to mark his 58th birthday through a medical outreach.
Prof. Pate said making healthcare the centrepiece of the birthday celebration was significant because health affects everyone.
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