Connect with us

Uncategorised

BREAKING – Nigeria’s Crude Oil Can No Longer Sustain It – FG

Published

on

Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday, stated that crude oil would soon lose its value in Nigeria as the mainstay of the economy just as the product is fast losing its economic relevance in many countries of the world.

This was as he clarified that the Federal Government would not scrap the Nigerian National Petroleum Corporation (NNPC), as earlier reported by some sections of the media.

He explained that the government was only planning to commercialize the Corporation to make it more viable and profit-oriented. Sylva spoke during an interactive session with the leadership of the National Assembly on the objectives of the bill, which has been submitted to the Senate and the House of Representatives for processing into law.

ALSO READ
BREAKING - Yemen court sentences President Trump, Saudi king, and Crown prince to death for alleged war crimes

The Senate will, however, present the bill in plenary today for processing. The PIB has been in the apex legislative assembly for passage in the last one decade, as politics of vested interest is hampering its passage.

The minister appealed to the National Assembly members to ensure expeditious passage of the bill, which was targeted at helping to revolutionize the nation’s economy in the last days of crude oil as a major source of revenue. He recalled that the journey of the bill in the National Assembly towards becoming law started in 2009, when the first draft was submitted to the legislative institution. He said: “Let me just say that we all collectively today, have a date with history.

ALSO READ
WOW !!!: 33-Year-Old Lady Who Claims She Dated Aliko Dangote's Identity Revealed + Juicy Details

The PIB, like the Speaker said, is one of the most import pieces of legislation that this country needs now. “It has really taken a long time in coming. The process for amending the laws around our oil industry started almost 20 years ago in 2000. In 2009, a draft of the PIB was submitted to the National Assembly.

“In 2012, another draft was submitted. In 2018, we all are aware of what happened with the PIB and today, 2020 we are for some reasons, still discussing the PIB.

ALSO READ
BREAKING !!!: Ibrahim Magu Says: EFCC Will Not Shield Any High Profile Corrupt Individual

“It is for good reason; the PIB happens to be at the core of the Nigerian economy and if you are in the process of making some changes in that core, you know those changes will impact on various other sectors of the economy that is why we need to really take the bill seriously. “So, here we are at 20th year of the attempt to change. But for me, it is also a good signal because one of the things investors want to look at when they are coming to the environment to invest is the dependability of the legal framework.

ALSO READ
WOW!!!: VIDEO - "I Will Kill You, If You Mess Around With My Wife" - Enoch Adeboye

“And since this is at the foundation of their investment, we must also make it clear to them that in Nigeria, laws do not change easily and that way, investors can plan. “Today, there is a forecast in the oil industry sector that oil is going to be playing less and less a role in the global energy usage. Some begin to think that in 10 years, the world’s dependence on oil would have reduced to 50%. “At OPEC, the projection is in 2040; that is, in 20 years from now, the world’s dependence on oil would have reduced to 50%.

ALSO READ
UPDATE - US 2020 Elections: Germany, France, EU, Hungary react to US electoral dilemma while UK stays silent

So whichever way you look at, it appears that the days of oil are numbered. “I always tell people that coal did not finish, the deposits of coal did not run out before the world moved away from coal.

Today, the world is talking about alternative forms of energy, and we must also move with that trend, but our focus should be in ensuring that we take advantage of our resources while it matters.”

Meanwhile, the leadership of the National Assembly has said that it would give the PIB expeditious passage, stressing, however, that the lawmakers would not sacrifice thoroughness at the altar of speed. In his opening remarks, the President of the Senate, Dr. Ahmad Lawan, said that though the PIB seemed to be jinxed since 2007 and 2019, the fresh effort would surely be successfully completed. “We want to break the jinx and we shall break it with the latest bill forwarded to us by the executive arm of government,” he said.

ALSO READ
BREAKING - Give women contracts, Saraki urges President Buhari

He, however, noted that it was difficult to put a time frame on when the jinx would be broken through the passage of the bill, saying that details of its content must be understood and thoroughly considered. Also speaking, the Speaker of the House of Representatives, Femi Gbajabiamila, said that though the bill would be considered and passed speedily, it must be subjected to thorough scrutiny.

ALSO READ
BREAKING !!!: Tony Kabaka's Hotel Demolished By Obaseki (Photos, Video)

“We will pass the bill speedily, but not sacrifice thoroughness at the altar of speed. We have assembled a crack team of legislators who are versed in the workings of the industry,” he said.

source: https://www.gistmania.com/talk/topic,473552.0.html

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *




News2 mins ago

BREAKING – DSS confirms Ganduje’s aide, Salihu Tanko-Yakassai is in its custody

Uncategorised13 mins ago

UKWU MAD!!!: ADVISED NOT TO OPEN IN AN OFFICE (PIC)

Hot Gists29 mins ago

PIC !!!: Davido spotted holding hands with rapper Young M.A’s ex, Mya Yafai, as they step out together in St. Maarten (Video)

Hot Gists47 mins ago

WOW !!!: ‘I want people to play my songs even on sundays’ – Wizkid (Video)

Uncategorised5 hours ago

WOW !!!: Justin Bieber, Burna Boy spotted in studio; Set to release song together

Uncategorised5 hours ago

UPDATE – Bandits Return To Kagara, Four Shot Dead

Uncategorised5 hours ago

WOW!!!: Churchill Stylishly Throws Shade At Ex Wife, Tonto Dikeh Over Clash With NCPC

Uncategorised6 hours ago

BREAKING – “I Was Ambushed 3 Times By Boko Haram, Nigerians Don’t Appreciate” – Tukur Buratai

Uncategorised6 hours ago

UPDATE – Official! Davido Dumps Chioma For a Bi-Se*ual American Woman, Mya Yafai

Uncategorised7 hours ago

UKWU WICKED – SWEET16 SHOWS MORE .. DONT OPEN WITH YOUR GIRL FRIEND ( PICS )

News8 hours ago

UPDATE – Don’t forget that petroleum goes from South to the North- Afenifere reacts to strike action by Cattle Traders association

Hot Gists8 hours ago

WOW !!!: BBNaija Star, Nengi Pays Billionaire Ned Nwoko A Courtesy Visit (Pictures, Video)

Hot Gists8 hours ago

SWEET 16 UKWU !!!: SHE CAN STEAL YOUR HUSBAND .. WICKED LAPS ..( PIC )

Hot Gists8 hours ago

LORD !!!: Lady removes her panties in a supermarket and wears it on her face when asked why she wasn’t wearing a face mask while shopping (video)

Hot Gists9 hours ago

WOW !!!: Don Jazzy shares a video of the interior of his new house in Lekki (video)

News2 years ago

BREAKING – Tinubu Asked Abacha To Make Him A Commissioner In Lagos – Kola Abiola Say’s

News1 year ago

BREAKING – Fani Kayode : “We will never forgive South Africa over killing of Nigerians”

News2 years ago

BREAKING !!!: Inside Story Of Buhari’s Battle With Atiku At Election Tribunal

News11 months ago

BREAKING – Covid-19 has no official cure yet this is how patients recover from the Virus

Uncategorised1 year ago

BREAKING !!!: “I saw it the way you saw it, my brother” – Minister of Communications replies man who asked about new VAT

News2 years ago

PICS- Meet The Man Governors And Ministers Fear More Than Magu Of EFCC

Hot Gists2 years ago

UPDATE: Panic as US immigration stamps No EOS / AOS on Nigerian Passport

News2 years ago

BREAKING !!!: Senate, FEC: Ex-Governors Call The Shot

News1 year ago

WOW !!!: FFK blasts South Africa Minister for saying most Nigerians residing in SA are drug dealers

Hot Gists2 years ago

BREAKING – How Abacha Died , Al-Mustapha Reveals

Uncategorised5 months ago

BREAKING – Nigeria’s Crude Oil Can No Longer Sustain It – FG

Entertainment1 year ago

PICS !!: How Did Emmanuella Grow Up This Fast? – Nigerians React To Photo Of Popular Comedian’s

News2 years ago

Pics – Official portrait of Governor Babajide Sanwo-Olu of Lagos State

News2 years ago

BREAKING – Video Of Soldiers Killing Policemen In Taraba: Don’t Kill Me, Policeman Begged

News2 years ago

BREAKING !!!: Akpabio Moves To Save Face – Stolen Medical Equipment

Hot Gists47 mins ago

WOW !!!: ‘I want people to play my songs even on sundays’ – Wizkid (Video)

Hot Gists12 hours ago

WOW !!!: 2Face Reacts As Apostle Suleman Says He Makes Money Through Speaking In Tongues

News14 hours ago

UPDATE – Trucks carrying foodstuff from the north allegedly stopped from entering the south-west (video)

News1 day ago

UPDATE – Tension as a team of police officers and DSS attempt to arrest Yoruba activist, Sunday Igboho (video)

Hot Gists2 days ago

WOW !!!: Davido Spills Out How His Father Worked At A Fast Food Joint In America In A New Video

Hot Gists2 days ago

WOW !!!: Don’t Divorce If You Catch Your Husband Cheating – Veteran Actress, Liz Benson Advises (Video)

Hot Gists3 days ago

WOW !!!: Burna Boy Features Alongside Messi, Pogba In Pepsi’s Advert (Video)

News3 days ago

UPDATE – Video Shows How Okorocha Was Attacked By Uzodimma’s Men

Hot Gists3 days ago

WICKED !!!: “You’re Very Wicked And Stupid” Actress Ada Ameh Knocks BBN’s Ka3na For Rebuking Fan

Hot Gists3 days ago

WOW !!!: Hilarious Moment K.Michelle’s Butt Implant Deflated While She Was Twerking On Instagram

Hot Gists4 days ago

LORD !!!: Social media goddess challenges Bobrisky to come out without makeup or filter (Video)

Hot Gists5 days ago

LORD !!!: Duncan Mighty Releases Audio Of His Wife Confessing To Using ‘Juju’ Against Him

News5 days ago

UPDATE – Senator Shehu Sani reacts to video of Islamic cleric, Sheikh Gumi allegedly accusing ‘non-muslim’ soldiers of being the ones involved in criminal activities (video)

News5 days ago

UPDATE – Okorocha: I Never Arrested Anybody As Governor, As Uzodinma Did To Me (Video)

News1 week ago

BREAKING – Tension As Experts Say Next Virus Might Come From Africa After Discovering Lagos Wet Market

Trending