BUSINESS
Nigeria Now Earn $1.9bn Annually From IOCs After Production Act – Lawan
- As Senate Moves To Deal With NDDC Situation
Senate President, Ahmad Lawan, has said that with the passed by Senate of the Production and Inland Basin Contract Sharing Amendment Act, the country now earn $1.9billion annually from international oil companies (IOCs) operating in the country.
Lawan spoke when he played host to the management of The Sun Publishing Limited in Abuja, saying that prior to the passage of the Production Act, the country was earning $260 million annually from the IOCs operating in the country.
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.”
Lawan, also expressed the Senate’s readiness to deal with the situation at the Niger Delta Development Commission (NDDC) without further delay.
He called for immediate inauguration of the NDDC governing board, saying with the conclusion of the forensic audit of the commission, a time has come for it to be run properly.
The Senate president said the proper running of NDDC was imperative to enable the Niger Delta people get maximum benefits from the agency.
The NDDC has been without a board and substantive management team for about two years as the Federal Government had set up an interim management while forensic audit of the agency was carried out.
However, the Senate president said with the conclusion of the forensic audit, there was need for the NDDC board’s inauguration and substantive management to enable the agency function optimally.
While highlighting the achievements of the Senate, Lawan said: “This is an opportunity for me to say we should also deal with the situation in the NDDC. It is long overdue. This is one interventionist agency that should be run much more efficiently. I believe now that the forensic audit is over, we should have the NDDC run properly.
“Let there be full-fledged management and the governing board so that our people in the Niger Delta will continue to get the attention that made the NDDC to be established in the first place.”
Lawan said the ninth Senate, under his leadership in the last two years, has passed landmark legislations that are adding value to the country’s economy. He explained that on assumption of office in 2019, the Senate drew up a legislative agenda and expressed delight that most of the issues in the legislative agenda has been achieved in less than three years.
Earlier, Managing Director/Editor-in-Chief of The Sun Publishing Limited, Onuoha Ukeh, commended the Senate for being alive to its duty of making laws for good governance.
He cited the passage of PIB, the Electoral Amendment Bill and the Constitution Amendment Bill as some of the salient actions the Senate had taken.
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