The Eureka Bill For Nigeria

A bill co-sponsored by Senators Patrick Ifeanyi Ubah and Bassey Albert Akpan and currently before the Senate will soon see Nigeria shout eureka as the nation will witness a record economic breakthrough in  oil revenues.

The Deep Offshore and Production Sharing Contract Cap D3 LFN2004 Act (Amendment) Bill 2019 will on passage  have Nigeria generating additional oil revenue sum above 30billion naira monthly (about N360billion annually) .

Basically the bill is a major step in recovering revenue lost in the current petroleum sharing contract arrangement. In other words, the bill is to plug the financial leakages in the sector.

Thankfully, sponsors of the bill, having studied the current Act painstakingly with eagle-eyes and deep sense of patriotism, must have found out how much the Federal Government is losing in the oil contract sharing formula.

The expected additional revenue is predicated on section 16 of the Act which stipulates that whenever crude oil price exceeds 20 US dollars, the Federal Government revenue share should be upwardly reviewed.

Based on the new economic potentials revealed by the bill, the Ministry of Finance is already making additional revenue projections of N160million for 2020 fiscal year, N320billion for 2021and N457billion for 2022.

Senators Akpan and Ubah who are chairman and vice chairman respectfully in the Senate Committee on Petroleum Upstream deserve commendation for rising above partisanship to work for the economic well-being of their fatherland.

It is noteworthy to point out the deep-rooted passion Senator Akpan has in economic matters relating to the oil and gas sector of the nation’s economy.

 While he was chairman of the Senate Committee on Gas Resources in the 8th National Assembly he made far-reaching recommendations  to end gas flaring that has remained a scourge in Nigeria.

As sponsor of the Gas Flaring (Prohibition and Punishment ) Bill, Senator Akpan said it will enhance a rapid infrastructural development of the oil and gas sector as well as improves the lives of the people f the  Niger Delta.

He said it will also provide incentives to oil companies which have clearly defined flare-out policies The senator representing Uyo Senatoirial District noted that gas flaring is one of the most dangerous environmental and energy  waste practices in Nigeria

Overall, our senators have continued to play their distinguished roles in driving development through formulation of time tested laws.

We hope the Production Sharing Act (Amendment) Bill will have accelerated readings, passage and eventual signing into law.

Hopfully with it Nigeria will shout eureka!