Senate President Bukola Saraki disclosed on Monday that a harmonised version of the Petroleum Industry Bill (PIB) would be laid before both chambers of the National Assembly next week, assuring Nigerians of its passage soon.
Saraki did not say whether or not the PIB will be passed as a single, omnibus document or, as recommended by Dr Ibe Kachikwu, Minister of State for Petroleum, it was split into small sections for easy passage; but he disclosed that the Senate and House of Representatives have resolved to work jointly on it.
Saraki, declaring open the ongoing National Assembly Business Environment Roundtable which commenced at the Senate on Monday, said: “The National Assembly, the Senate and the House of Representatives, are working very closely together. As part of this commitment, we would all see next week when we lay down the Petroleum Industry Bill. You will see that the bill we are going to lay in each chamber is the same.’’
The new version of the PIB is being sponsored by the leadership of both chambers of the National Assembly.
The Senate President lamented about the harsh economic environment in the country, pointing out that most of the laws regulating the business environment were obsolete.
Contributing to discussions at the event, the Head of Economic Growth, DFID Nigeria Simon Kenny, declared that a major economic problem facing the country was its over-reliance on the already dwindling oil revenue.
According to him, the fall in oil price provided the nation an opportunity to diversify its economic resources.
Kenny said: “If you look at the demands on oil produced in Nigeria and the low price of oil, and if you divide that by the vast numbers of people and population of Nigeria, there is only around $200 of oil per capita per year in the country. There is no way even the rising price of oil can raise Nigeria’s economic profile.’’
=Leadership
