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
LORD !!!: Governor Wike Buys 15 Multi-million Naira Prado Jeeps For Rivers' National Assembly Members

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
UPDATE - Reason Why Omoni Oboli locked lips with RMD

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
UPDATE - Gov Akeredolu Says : We Didn't Create Ondo Anthem For Oduduwa Secessionists

“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
OH BOY - U.S Uncovers More Criminal Activities Involving Abidemi Rufai

“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
BREAKING !!!: South-West Governors Move To Legalise Amotekun

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
UPDATE - Buhari govt will stop doctors from leaving Nigeria – FG

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
UPDATE - President Buhari's Twitter Negotiation Team

“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 *




Uncategorised4 mins ago

UPDATE – Buhari has promised to end insecurity – Governor Matawalle

Uncategorised14 mins ago

UPDATE – Blind Saxophonist Arrested In Dunamis Church Falls Sick In DSS Custody, Denied Access To Doctors

Uncategorised6 hours ago

PICS – Money is good – Toke Makinwa says as she shares her throw-back photo

Uncategorised7 hours ago

LORD – Actress Clarion Chukwurah goes topless for her birthday photoshoot

Uncategorised7 hours ago

OH BOY – “I’m no longer feminist,” woman cries for husband online as she says she’s missed out on having a man because of feminism (video)

Uncategorised7 hours ago

SHOCKING – Bandits Attack Kaduna Police Station, Kill Officer In An Attempt To Free Detainees

Uncategorised9 hours ago

WOW – Bandits Attack Kaduna School, Cart Away Examination Papers Mistaken For Money

Uncategorised9 hours ago

BREAKING – Obaseki Revokes Ize-Iyamu’s Right Of Occupancy On Property (Photo)

Uncategorised10 hours ago

UPDATE – Osinbajo To Launch Africa’s First Court Recording System

Uncategorised10 hours ago

WOW – BBNaija Season 6: Excitement Rents The Air As Reality Show Returns Today

Uncategorised11 hours ago

UPDATE – BBNaija: Nigerian Govt Will Want Big Brother Madness To Continue For One Year – Adeyanju

Uncategorised11 hours ago

OH BOY – Panic As Bandits Detain Man Sent To Deliver Ransom For Abducted Islamiyya Students, Demand 6 Motorbikes, N4.6m Balance

Uncategorised11 hours ago

UPDATE – Why Nigeria Cannot Continue To Remain Together – Wole Soyinka Speaks

Uncategorised14 hours ago

UPDATE – Police Handcuff Igboho Despite Being In Cell – Benin Lawyer Reveals

Uncategorised14 hours ago

BREAKING – Igboho’s Arrest: People Are Working Behind The Scenes – Governor Sanwo-Olu Opens Up

News2 years ago

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

News2 years 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

News1 year 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

Entertainment2 years ago

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

Uncategorised6 months ago

BREAKING – Nigeria Ranks 2nd Highest In Paternity Fraud In The World

Hot Gists9 months ago

UPDATE – Justice George Oguntade Sends His Wife, Modupe Oguntade Packing From Their Lekki Home

News2 years 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

News2 years ago

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

Uncategorised10 months ago

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

Uncategorised6 days ago

SHOCKING – Obi Cubana Makes Sign Of The Cross As Actor Kanayo O. Kanayo Sprays Him Money At His Mother’s Burial (Video)

Uncategorised2 months ago

WOW !!!: Fans Troop Out To Welcome Laycon In Ghana (Video)

Uncategorised2 months ago

WOW !!!: ”This is victory for everyone”- Baba Ijesha’s lawyer speaks on how he was granted bail, accuses the police and Ministry of Justice of brutalizing the actor’s rights (video)

Uncategorised2 months ago

WOW !!!: DSS Operative Caught & Detained By Sunday Igboho’s Supporters In Osogbo (Video, Pics)

Hot Gists2 months ago

WOW !!!: The Moment Wizkid’s Mom Scattered Dancing Floor With Her ‘Shaku Shaku’ Dance at Tife’s 10th Birthday (Video)

Hot Gists2 months ago

OH BOY – “I’m Not Missing – Cross River University Student Declared Missing After Allegedly Leaving Calabar To Visit Male Friend In Lagos, Says

Hot Gists2 months ago

SAD !!!: Vandals destroy rail tracks (video)

Hot Gists2 months ago

BEAUTY – I Stopped Acting Because Of Kissing Scenes – Actress, Juliana Olayode

Uncategorised2 months ago

LORD – Man dies while dancing at an event in Rivers state (video)

Hot Gists3 months ago

OH BOY – Area Boys, Fake Pastors Are Products Of South West Nigeria (Video)

Hot Gists3 months ago

OH BOY – Video of Davido Scolding His Daughter, Hailey, For Trying to Twerk at Her Birthday Party

Hot Gists3 months ago

OH BOY – Video Of Foreign Diplomat Peeing On The Road In Nigeria Sparks Outrage

Hot Gists3 months ago

MY GOD – Girl nabbed after giving a baby bleach to drink (video)

Hot Gists3 months ago

LORD !!!: UKWU – Nigerian bride takes center stage as she thrills her husband and guests with ‘Beyonce moves’ at her wedding after party (video)

Hot Gists3 months ago

LOVELY – Davido Gifts His Daughter Imade A Brand New Range Rover For Her 6th Year Birthday (VID)

Trending