Report: $15bn Investments Lost Annually to Non-passage of PIB OPEC: Nigeria’s oil production hit record low in May Emmanuel Addeh in Abuja A new report by Financial Derivatives Company Limited (FDC) has indicated that Nigeria's oil and gas industry
loses as much as $15 billion in investments annually due to the delayed passage of the Petroleum Industry Bill (PIB), currently before the National Assembly.
The bill, which seeks to overhaul the oil and gas industry and offer new fiscal incentives to investors, according to the Minister of State for Petroleum Resources,
Mr. Timipre Sylva, and Senate President, Dr. Ahmad Lawan, is set to be passed this month. However, FDC in its latest bi-monthly publication stated that even if the PIB is passed
today, the country has already lost investment opportunities due to the lack of urgency attached to the passage of the legislation which was first transmitted to the lawmakers
over 14 years ago. “Its delay has sparked a great deal of uncertainty and led to an estimated loss of Continued on page 49
CBN: Agric Sector Interventions Geared Towards Food Security... Page 8 Monday 14 June, 2021 Vol 26. No 9562. Price: N250
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States Unveil Plans to Implement Financial Autonomy for Legislature, Judiciary Our Reporters States have unveiled strategies to implement the Memorandum of Action (MoA) to ensure financial autonomy for the legislature and judiciary, THISDAY has learnt. The MoA was signed on June 4 by the Judiciary Staff Union of Nigeria(JUSUN), the Parliamentary Staff Association of Nigeria(PASAN), the federal government and the 36 state governors. Under the terms of the MoA,
the governors have 45 days to implement the strategies to ensure full financial autonomy for the other two arms of government. With the Judicial Service Commission and the House of Assembly Service Commission already in place in Plateau State, Governor Simon Lalong said on Saturday night at a dinner and lecture to mark the Democracy Day in Jos that he had directed that all Continued on page 49
N'Assembly to Conclude Constitution Review by July Deji Elumoye in Abuja The two chambers of the National Assembly are poised to pass the bill for the alteration of 1999 Constitution as altered before proceeding on annual break in July. Towards the early passage of the bill, the National Assembly committees working on the bill will conclude their assignments and present the bill for clauseby-clause consideration before the lawmakers proceed on annual recess in July. Already, the constitution
review committees of both the Senate and House of Representatives are collating reports from the zonal public hearings held last month across the six geo-political zones. The Senate Ad-hoc Committee on Constitution Review, headed by the Deputy President of the Senate, Senator Ovie Omo-Agege, and that of the House of Representatives, headed by Deputy Speaker, Hon. Idris Wase, had in May held public hearings in 12 Continued on page 49
FOR THE PRESIDENT’S EYES ONLY... Ogun State Governor, Prince Dapo Abiodun (left), and President Muhammadu Buhari during the governor’s visit to the Presidential Villa, Abuja…yesterday
Oyegun: FG Must Prioritise Restructuring for Nigeria’s Survival...Page 5