The expected passage of the Petroleum Industry Bill, has come under further threat, as President of the Senate, Ahmad Lawan, says there are forces working to frustrate the legislation.
The forces are working from within and outside the country, Lawan told journalists in Abuja on Tuesday.
He declared however that the current National Assembly is determined to pass the bill, despite the opposition to it.
“PIB is like a demon. People both within and outside the country are ready to work against it as they have been doing for the past 14 years but the Ninth Senate and by extension, the Ninth National Assembly, will defeat the demon with the current bill before both Chambers.
“The patriotic zeal, sheer determination and unity of purpose by serving senators across party lines, to do this latest by the end of first quarter of this year, will be deployed on the bill immediately the Senate resumes on 26th of this month the way it did with Deep Offshore Oil Production Sharing Contracts Act (Amendment) Bill.
“By the grace of God, when we resume, we will start work on the Petroleum Industry Bill (PIB). That is going to be one heck of a legislation that not only Nigeria but the entire world is waiting for, because that will change our economy.
“Money will start flowing so we want you to be in that journey with us so that you too, when the history of PIB passage and assent will be written, your names will be reflected.
“That PIB thing, there are people both within and outside the country who will work against it but it is going to be the strength of our patriotism to pass it.
Lawan recalled that it took the firm resolve of the National Assembly to pass the Deep Offshore and Inland Basin Production Sharing Contract Bill in 2019.
According to him, the passage of the bill by the legislature caused an increment to the country’s revenue profile from Deep Offshore activities from $216m annually to $2bn.
He declared that the National Assembly would apply the same approach that led to the passage of the Deep Offshore and Inland Basin Production Sharing Contract Bill to secure the passage of the PIB.
“In 2019, when we said we would pass the amendment to the Deep Offshore – Production Sharing Contract – people didn’t want it to happen because they stopped it from happening for 20 years.
“We said, we will try. The second day they came and said, if we do this (pass the PSC amendment bill), they would leave this country, because that will be against some interests.
“I replied: for once, allow us do something for our country. And I laughed, you are not going anywhere. The kind of things you do in this country, where else in the world would you be allowed to do it? So, we are going to do this amendment.
“They thought it was a joke. In a week, we finished the amendment. The House was on recess; the day they returned, they concurred.
“Mr. President knew how important that amendment was. He was in London, and that bill was flown to him. He signed it on a Sunday, just to give that amendment the validity that was needed.”