….More than ready to give PIB expeditious consideration when received
…As Senators still collect half Salary to fight COVID-19 pandemic

ABUJA – The 9th National Assembly in its first year of legislative session , made required interventions on the Nation’s economy resulting into new windows of revenues estimated by experts to be about N320billion per year.

In furtherance of that , the federal lawmakers are also more than ready , to give the much expected Petroleum Industry Bill ( PIB) , expeditious consideration anytime forwarded to them by the executive arm of government .

Sacrificially , this as the serving 104 out of 109 Senators , are still donating half of their salaries on monthly basis to fight the COVID-19 pandemic.

Affirmations to these effects were made by the Chairman, Senate Committee on Media and Public Affairs, Senator Surajudeen Ajibola Basiru ( APC Osun Central) , in a personally signed lenghty statement issued in Abuja on Friday.

Senator Basiru in the statement titled: ” The 9th Senate and the one year after ” , said in the area of legislative interventions for good governance , the Senate and by extension, the National Assembly , had enacted new laws and /or modifying existing legislations for the attainment of good governance .

According to him, one of such interventions was the amendment of Finance Act 2019.

He said : ” Perturbed by dwindling national revenues largely due to vulnerabilities in international price of crude oil, it took steps towards improving revenues from other avenues notably Value Added Tax (VAT).

“Accordingly, it passed an Executive Bill which proposed an increase in VAT from 5% to 7.5% in record time by invoking its powers under Order 79(1) of the Senate Standing Rules. This was an extraordinary step to take.

“Another laudable and progressive intervention was the extensive work done on the Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Act 2019 (Act) to repeal and replace Section 16 of the Act.

“A statutory mandate to review the Act was never complied with for decades and the country lost valuable revenue. Thus, the amendment passed by this Senate achieved 4 major milestones which are:
It revised upwardly the regime of royalty payable on crude produced in deep waters.

“It deleted Section 16 of the Act which provided for the trigger for a review of the Act. It introduced Section 16(A) which mandated the Minister of Petroleum to cause the NNPC to under a review of Production Sharing Contracts every 8 years. It introduced Section 16(B) which provided for offences and penalties.

“The cumulative effect of this amendment is that the sum of N320 billion has been unlocked according to several reputable industry experts and it goes without saying that the injection of such huge revenue into our economy will catalyse several positive outcomes”.

He added that in the light of equipping the executive with required legislation in getting maximum return from the oil industry, the 9th Senate is committed to prompt consideration and passage of the Petroleum Industry Bill once same is received from the executive.
“The Necessary training and sensitisation programmes have been organised and attended by Senators belonging to all the relevant commiittees of the Senate”, he disclosed.

In special areas of concern, the Senate Spokesman declared that the 9th Senate has consistently acted proactively when required in the last one year.

For instance according to him, when Covid-19 struck in Nigeria with our index case recorded on February 27, 2020, the Senate moved quickly to provide the necessary support for the government.

“It facilitated the prompt release of funds to address the needs of frontline health workers. It also announced a contribution of half of the salaries of all 109 Senators henceforth to the government as its financial support to battling the unprecedented health challenge” .

But out of the expected 109 Senators , only 104 are practically serving presently since three are dead and yet to be replaced by way of bye- elections by the Independent National Electoral Commission ( INEC) and two other ones , moved to occupy the Governorship and Deputy Governorship positions of Bayelsa State in February this year , courtesy of Supreme Court Judgement.

Basiru who chronicled perceived achievements cum milestones made by the 9th Senate within the last one year , attributed them to the legislative agenda earlier set at the beginning in June last year .

According to him, the agenda titled : “A National Assembly that Works for Nigeria”, has to a very great extent, been serving as the compass and guiding principle legislatively and iinterventionally for both Chambers of the National Assembly upon which constructive collaborations between them have been activated on national issues with required urgent solutions at different times for the benefits of Nigeria and Nigerians”.