Nigeria Now Earn $1.9bn Annually From IOCs After Production Act – Lawan

He said that with the passage of the landmark new legislation which he listed as some of the achievement of the 9th Senate including the Production and Inland Basin Contract Sharing Amendment Act, the Petroleum Industry Act (PIA), among others, the earnings of the country has increased to $1.9 billion annually.

He said: “We drew up an agenda and we try to follow the agenda religiously. Sometimes, very tough issues. Because our prime goal is to produce legislations that will enhance good governance, we make compromises. We have deals, so whether you are in opposition, or government, everybody should be a winner. In the process, all our senatorial  districts should be winners, irrespective of our political persuasions, that at the end of the day, the executive should be able to deliver the services that the people of Nigeria need.

“And to the glory of God, we are less than three years in office or in parliament, in the 9th Assembly. But we have achieved so much.

“You cited the case of the amendment to the Production Sharing and Inland Basin Act of 2006. That amendment was not done for about 20 years. And I recall that in the eight Senate, it appeared twice in our order paper, and, of course, we couldn’t  consider it. So, in the 9th Senate, we said we should do it.

“Nigeria was getting $260 million annually; but the law has given us, as a country, the opportunity to activate certain clause by the amendment, when the Brent crude goes over $20 and it went over $20 a long time ago, but we failed to activate that clause.

“When we decided we were going to do the amendment, those who normally work against it, tried to frustrate and stop it.

“They thought they could stop us; because they said let’s wait until PIB and all that, are dealt with. We insisted to test this one, before the PIB; maybe as a starter, it will give us an idea of how to handle the PIB. Within two weeks, we were able to pass the amendment. And President Muhammadu Buhari signed it outside Nigeria, probably the only bill to be signed outside the country by Mr. President.

“That is to show how urgent that was and Mr President was committed to it and assented to it for immediate implementation. And from that, our $260 million that we used to get annually, now turns to about $1.9 billion, because of that amendment. Our country is better for it. Now, subsequently, we have passed so many other bills.”