Senate President, Abubakar Bukola Saraki, has revealed that a harmonised version of the Petroleum Industry Bill (PIB) would be presented before both chambers of the National Assembly next week, even as he assured Nigerians that the bill will be passed soon.
Saraki said: “The National Assembly, the Senate and the House of Representatives are working very closely together. As part of this commitment we would all see next week when we lay down the Petroleum Industry Bill. You will see that the bill we are going to lay in each chamber is the same.’’
He also bemoaned the harsh economic environment in the country, pointing out that most of the laws regulating the business environment were obsolete.
The head of Economic Growth, DFID, Nigeria, Simon Kenny, stated that a major economic problem facing the country was its over reliance on the already dwindling oil revenue.
“If you look at the demands of oil produced in Nigeria and the low price of oil, and if you divide that by the vast numbers of people and population of Nigeria, there is only around $200 of oil per capita per year in the country. There is no way even the rising price of oil can raise Nigeria’s economic profile.’’
