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NASS to Break the PIB Jinx With its Passage

...Says Nigeria now earns $2billion from Deep Offshore Production Sharing Contracts

President of the Senate, Ahmad Lawan, has said that there are forces within and outside the country working desperately to frustrate the consideration and passage of the Petroleum Industry Bill currently before the National Assembly.

 

Lawan who made this known in a speech delivered on the occasion of his 62nd birthday celebration in Abuja, said the patriotic zeal used by the National Assembly in October 2019, to pass the Amendment bill on Deep Offshore Oil Production sharing contracts, will be deployed for expeditious consideration and passage of the PIB already before it, latest by the end of first quarter of this year. The Deep Offshore Oil Production Sharing Contracts Act, passed by NASS in 2019 he disclosed, has increased remittances from the sharing contracts into the federation account from $216million to $2billion on yearly basis.

 

The Senate President said with the implementation of the N13.58trillion 2021 budget commencement this January and capital component of the 2020 budget extended to March 31 this year, there will be massive injection of budget funds into the economy, which help Nigeria to get out of recession in few months time.
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