New PIB Will Be Ready Next Week, Saraki Assures Nigeria
Tue Mar 22, 2016 01:54:pm National
2.8K By sosa hills
President of the Senate. Abubakar Bukola Saraki, yesterday disclosed that a harmonised version of the Petroleum Industry Bill (PIB) would be laid before both chambers of the National Assembly "next week, even as he assured Nigerians that the bill will be passed soon.
Saraki who stated this at the on-going National Assembly Business Round table in Abuja said that the Senate and House of Representatives had already resolved to do a joint work on the Bill.
He 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 House is the same. We are going to lay the same version in the senate and the House of Representatives because that is going to be the first time we are open to our words."
It was gathered that the new versions of the PIB are being sponsored by the leadership of both chambers of the National Assembly.
Also, the Senate President lamented 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 Bussiness Roundtable, 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 a good opportunity to diversify its economic resources.
Kenny said: "If you look at the demands of 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 capital per year in the country. There is no way even the rising price of oil can raise Nigeria to anything above a middle income country.
"And I know that the aspirations of Nigeria have gone beyond that to become a high level income country. So, oil revenue has dropped and this is the reality you are facing at the moment. But the low prices of oil has offered a perfect opportunity for Nigeria to diversify the economy, to increase investment and to make industries from agriculture to manufacturing and the services sector."
Saraki who stated this at the on-going National Assembly Business Round table in Abuja said that the Senate and House of Representatives had already resolved to do a joint work on the Bill.
He 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 House is the same. We are going to lay the same version in the senate and the House of Representatives because that is going to be the first time we are open to our words."
It was gathered that the new versions of the PIB are being sponsored by the leadership of both chambers of the National Assembly.
Also, the Senate President lamented 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 Bussiness Roundtable, 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 a good opportunity to diversify its economic resources.
Kenny said: "If you look at the demands of 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 capital per year in the country. There is no way even the rising price of oil can raise Nigeria to anything above a middle income country.
"And I know that the aspirations of Nigeria have gone beyond that to become a high level income country. So, oil revenue has dropped and this is the reality you are facing at the moment. But the low prices of oil has offered a perfect opportunity for Nigeria to diversify the economy, to increase investment and to make industries from agriculture to manufacturing and the services sector."
Related News
Leave a comment...