The Minister of State for Petroleum Resources, Timipreye Sylva has disclosed that the Petroleum Industry Bill (PIB) may be passed into law by the first quarter of 2021.
Sylva explained that he is not saying categorically and conclusively that the PIB will be passed, but going by the pace of work the ministry has seen the National Assembly do, everything being equal, he projects that the PIB will be passed latest by the first quarter of 2021.
In an interview, which he shared via the ministry’s Twitter handle, he said, “PIB is well. But, it is out of the executive’s hand at the moment. The executive completed its own part by drafting the Bill. The ball is now with the National Assembly. The latest information we have is that the draft Bill has already passed the second reading in the Senate. They have sent the draft to the committees.
“The House of Representatives would take up from there and look at it next week. Our expectation is that both Chambers of the National Assembly would go through the committee stages by the first quarter of next year and pass it into law, everything being equal.
“Everything depends on the pace of the legislation process by the National Assembly. If the two chambers pass second readings, and it is just the committees that are left to look at the Bill and hold public hearings, which we believe can happen within the first quarter of next year, the actual passage of the Bill can happen about the same period. We are very optimistic.”
He added that over the years, the petroleum industry has grown more towards the upstream exploration and production sector.
"There is no doubt that the @NNPCgroup of today is way different from the @NNPCgroup of yesterday. We should be proud of these achievements, despite challenges…." —HMSPR, @HETimipreSylva in an interview with @PremiumTimesng, weekend. pic.twitter.com/QdjPUXobQD
— NNPC Group (@NNPCgroup) November 16, 2020
On why the midstream sector of the petroleum industry has been neglected over the years, “It is because the fiscal framework for its development was non-existent. Our expectation is that the PIB will now create the fiscal framework that would encourage the growth and development of the sector. The time is ripe for the industry to produce the jobs that would mop up all those opportunities and sweep all the unemployed young Nigerians from the streets.
“There is no better way of diversifying the country’s economy than through a well-developed oil and gas industry, particularly with the huge gas resources in Nigeria. So, PIB will be the most credible attempt towards a holistic diversification of the Nigerian economy,” he added.
What you need to know
Nairametrics had reported that there is a strong indication that if the Petroleum Industry Governance Bill (PIGB) is finally passed into law by the National Assembly, the existing Department of Petroleum Resources (DPR), the Petroleum Products Pricing Regulatory Agency (PPPRA), and Petroleum Inspectorate (PI) may be scrapped; thereby, giving way for the Nigeria Petroleum Regulatory Commission to take over their functions.
The Petroleum Industry Bill (PIB) is currently under legislative consideration and represents the most comprehensive review of the legal framework for the oil and gas sector in Nigeria since the industry began commercial operations in the 1960s. The Petroleum Industry Bill (PIB), an omnibus law is meant to regulate the entire sphere of the industry and repeal most existing oil and gas legislations.
Exited N-Power beneficiaries to apply for CBN empowerment options
A portal to enable Exited N-Power beneficiaries apply for CBN empowerment options has been launched by the Ministry of Humanitarian Affairs.
Nigeria’s University lecturers union, ASUU, calls off 8-month strike
ASUU called off its eight-month long strike that has grounded academic activities in the public universities.
The Academic Staff Union of Universities (ASUU) has called off its eight-month-long strike that has grounded academic activities in the public universities. The union took the decision after it agreed to accept government’s total payment of N70 billion.
The was disclosed by ASUU via its Twitter handle on Friday after its meeting with the Federal Government’s team led by the Minister of Labour and Employment, Dr. Chris Ngige.
It tweeted, “The Academic Staff Union of Universities, ASUU, has shifted ground on FG’s offer. The Union insisted that payment of outstanding salaries must not be done as through the IPPIS platform as promised, if strike would be suspended.”
#JUST IN: The Academic Staff Union of Universities, ASUU, has shifted ground on FG's offer.
The Union insisted that payment of outstanding salaries must not be done as through IPPIS platform as promised, if strike would be suspended.
Wait for more details#ASUUANDFG
— Official_ASUU (@ASUUNGR) November 27, 2020
This is a developing story….
Terrorism: Nigeria records 39.1% reduction in deaths – GTI Report
Nigeria has recorded a 39.1% reduction in terror-related deaths, according to the 2020 Global Terrorism Index (GTI) report.
The 2020 Global Terrorism Index (GTI) report, published annually by the Institute for Economics and Peace (IEP), based in the United States, indicates that terrorism incidents in Nigeria fell by 27% in 2019.
This represents the lowest level of terrorism in Nigeria since 2011, with terrorism deaths in Nigeria reduced to 1,245 last year – a 39.1% dip from the 2,043 deaths recorded in 2018.
Despite the overall decline in terrorism in Nigeria last year, the country is still ranked as the third most impacted country in the world by terrorism, a position it has maintained for five consecutive years since 2015.
According to the latest annual GTI report, Afghanistan and Iraq are respectively the first and second most affected countries by terrorism.
Highlights of the report
- The decline in both terrorism incidents and deaths in Nigeria is attributed to a significant reduction in violence by armed Fulani herdsmen.
- The armed herdsmen are being held accountable for majority of terror-related deaths in 2018, with the latest GTI report showing a 72% decline in fatalities attributed to the herdsmen last year.
- Terror-related deaths and incidents attributed to Boko Haram in Nigeria increased by 25% and 30% respectively from the prior year.
- Over the past year, Boko Haram increased attacks on military targets, with deaths rising from 26 in 2018 to 148 in 2019.
- Globally, deaths from terrorism fell in 2019 to 13,826. This represents a 15% dip from the previous year and the fifth consecutive year of decline since peaking in 2014.
- Conflict remains the primary driver of terrorism, with over 96% of deaths from terrorism in 2019 occurring in countries that are already in conflict.
What you should know
- GTI report is published annually by the Institute for Economics and Peace (IEP) based in the United States.
- The GTI report, now in its eighth year, ranks 135 countries according to how they are impacted by terrorism. The indicators used by the GTI include the number of terrorist incidents, fatalities, injuries and property damage.
- Boko Haram, the deadliest terrorist group in Nigeria ranks second in the world, behind the Taliban in Afghanistan.
- There are 63 countries in 2019 that recorded at least one death from a terrorist attack and 17 countries that recorded over 100 deaths from terrorism. However, only Afghanistan and Nigeria recorded over 1,000 deaths and both countries had significant reductions in the number of people killed in 2019.
- Globally, the report estimates the economic impact of violence, including military, homicide, incarceration and terrorism to be $14.5 trillion in 2019. This is the equivalent of 10.6% of global GDP. The global economic impact of terrorism alone was estimated to be $26.4 billion last year.
- There are emerging new threats of politically-induced terrorism in North America, Western Europe, and Oceania, though with minimal fatalities.