SAN FRANCISCO, November 16, (THEWILL) – Speaker of House of Representatives, Yakubu Dogara, on Monday, urged President Muhammadu Buhari, who doubles as the minister of petroleum, to immediately transmit a bill to the National Assembly on “how his administration intends to reorganise the petroleum sector.”
The speaker also signalled that the NASS could review the Fiscal Responsibility Act to streamline budgetary processes and achieve strict adherence to timeliness for budget presentation and passage.
Speaking at a two-day National Dialogue on Economy, Security and Development in Abuja, Dogara noted that the Petroleum Industry Bill (PIB) was one of the most important pieces of legislation that would improve the national economy, especially as oil and gas still accounted for over 70 percent of our foreign exchange earnings
Dogara specifically harped on early introduction of the bill, which he said would lead to early passage.
The PIB, which has had a chequered history, was first introduced to the sixth Assembly but was not passed.
In the seventh Assembly, a private member’s bill, was introduced in the first month of that Assembly but the last administration informally indicated that it would prefer an executive bill, which took over two years to materialise. It was, however, passed by the House of Representatives in the twilight of its tenure without the Senate concurring.
The event, organised by the National Institute for Legislative Studies (NILS), drew key players in the public and private sectors of the economy.
The speaker said the passage of the bill was necessary because oil and gas still accounted for over 70 percent of the nation’s foreign exchange earnings in spite of the rapid fall in oil prices.
He said: “In this regard, may I call on the President as the Minister of Petroleum to as a matter of urgency transmit a Bill to the National Assembly on how his administration intends to reorganise the Petroleum Sector.
“Investment decisions in this field cannot continue to wait. Clarity on the legal framework for Oil and Gas in Nigeria is crucial to our economy. Contrary to the assertion that the size of the Bill is the problem, the fact is that an early introduction will lead to an early passage.”
Dogara canvassed for review of the Fiscal Responsibility Act to streamline budgetary processes and achieve strict adherence to timeliness for budget presentation and passage.
In his keynote address, Senate President, Bukola Saraki, assured that the National Assembly would work closely with the executive arm of government in confronting challenges in the country in order to achieve the desired goals of inclusive growth and development.
Reps Urge Buhari To Approve NASS Budget & Research Office Bill
House of Representatives on Monday called on President Muhammadu Buhari to sign into law the National Assembly Budget and Research Office (NABRO) bill without further delay.
The bill when assented to by the Presidency, according to Timothy Golu, chairman, House Committee on Legislative Budget and Research, will help in the ongoing fight against corruption and misappropriation of public funds.
Golu, who gave the charge at the inaugural meeting of the committee, said the bill, which was transmitted along with 46 others at the twilight of the President Goodluck Jonathan’s administration, would be represented and forwarded to the President for assent.
The mandate of the committee include: provision of time and non-partisan analysis for economic, budget public and legislative decisions; determine the need, nation of foreign assistance and roles of donor agencies in the establishment of the legislative budget and research office; engage in actual negotiation for funding requirements with donor agencies, and articulate produce costs and determine funding sources.
Nigeria Loses 480mw Of Grid Electricity To Vandals
An attack on Nigerian electricity installations by vandals has resulted in power losses from the national grid put at about 480mw of electricity, the Transmission Company of Nigeria (TCN) said on Monday.
The incident, which took place at AsabaUchi in Ndokwa East Local Government of the Delta State, affected tower 62 along the Okpai-Onitsha 330kV double circuit transmission line, which evacuates power from the Okpai Power Station.
According to a document from TCN, two of the four legs of the transmission tower were cut by vandals, causing the tower to be hanging dangerously.
“This poses a major threat to transmission grid integrity as a total collapse of this tower could bring down several other towers along the transmission line route,” the document seen by THEWILL further noted.
The TCN says its quick response engineering crew has already inspected the site of the incident, located in the swampy forest of AsabaUchi, and have already mobilised a reputable engineering contracting firm to temporarily anchor the transmission tower in avoidance of its total collapse.
Osinbajo, Minister Of Niger Delta Affairs Lead Economic, Financial, Development Experts To PIND Summit In Asaba
Nigeria’s Vice President Yemi Osinbajo will Tuesday lead Usani Usani, the new minister of Ministry of Niger Delta Affairs, and other economic, financial and development experts to the fourth Niger Delta Development Forum (NDDF).
The forum with the theme, “Collaborative Efforts for Stimulating Investments and Inclusive Economic Growth in the Niger Delta,” billed for Asaba, the Delta State capital, would be declared open by the Vice President.
Other notable dignitaries expected at the event include the Delta State governor, Ifeanyi Okowa, Pat Utomi, who will deliver a keynote address, Michael Harvey, USAID/Nigeria Mission Director, Simon Gusah, former lead infrastructure advisor on Niger Delta Action Plan, and William Grant, Global Practice Lead, Market Systems Development (DAI).
Also expected are Godwin Ehigiamusoe, managing director, LAPO Micro Finance Bank, Chuks Ofulue, chief economist/head of economic development, BRACED Commission, Chuma Ezedinma, agribusiness lead specialist, UNIDO, among others.
Dara Akala, programmes director of the organisation who gave the hint at a press conference in Aaba on Monday, said “the forum is being organised by the Foundation for Partnership Initiatives in the Niger Delta (PIND) in conjunction with conglomerates of its sister organisations within and outside the country.”
The forum is geared towards framing and influencing the discourse, priorities and flagship initiatives in the Niger-Delta region in the next four years, building a synergy of efforts around government and private sector investments as well as citizens priorities as well as collectively move to explore, Akala said.
According to Akala, the PIND was founded in 2010 by the management of Chevron, USA.
