The President of the Senate, Ahmad Lawan has vowed that they would deal decisively with demons that want to frustrate the passage and Presidential Assent to the Petroleum Industry Bill (PIB) within the last 14 years.
The Senate President made this promise during a programme organised to celebrate his 62nd birthday anniversary.
According to him, the commitment they used in October 2019, to pass the Amendment Bill on Deep Offshore Oil Production Sharing Contracts, will also be deployed for passage of the PIB already before it, lby 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 fourteen 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 $216 million to $2 billion 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, hassured the various International Oil Companies (IOCs), working in Nigeria that the PIB to be passed this year, will not destroy businesses.
“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 .