Deputy Chairman, Senate Committee on Petroleum Resources Upstream, Senator Ifeanyi Ubah, Young Progressives Party, YPP, Anambra South has commended President Muhammadu Buhari for signing into law, the Deep Offshore and Inland Basin Production Sharing Contract, PSC Bill.
Senator Ubah who was the co-sponsor of the bill said that the signed bill is the biggest and one of the most historic legislation to be signed into law in our country.
In a statement he personally signed on Monday and made available to journalists in Abuja, Senator Ubah said, “To the glory of God, today is November 4, 2019, President Muhammadu Buhari assented to the Bill amending the Deep Offshore.
And Inland Basin Production Sharing Contract Act which will generate at least $500m additional revenue for the Federal Government in 2020, and over $1bn from 2021.
“With the signing of this bill into law, which is by far the biggest and one of the most historic legislation to be signed into law in our country, Nigeria will earn an additional income of $1.4 billion annually from international oil companies operating in the country.
“It is indeed a thing of pride and fulfilment that the motion on the “Urgent need to review and recover additional revenue accruable to the Government of the Federation from the production sharing contracts was presented by me on October 2, 2019.
Whereafter, this bill was co-sponsored by my humble self and Senator Bassey Albert Akpan on October 4, 2019.
“I feel privileged to have co-sponsored this bill which has attracted tremendous commendations from Prominent Nigerians such as from Abba Kyari; Chief of Staff to the President of Nigeria and also, the Senate President, His Excellency; Dr Ahmad Lawan who described the bill as groundbreaking and the fastest bill to be passed in the history of the Senate.
Hence, affirming my stand as the Prince of the Ninth Senate.
“It would be recalled that the President, during the 2020 budget presentation to the National Assembly noted that amendment of the act is one of the priorities of the Federal Government of Nigeria (FGN), as it has the capacity to generate additional revenue of at least $1.4billion which will aid FGN in achieving the proposed 2020 budgeted revenue.
“It is historic that within six months, we have been able to successfully achieve this long-awaited feat which has deprived our nation of accruable revenue running into billions of US dollars since 2003.
This is a trailblazing and historic feat which has never been matched in the history of the National Assembly. “I want to thank my Committee Chairman; Senator Bassey Albert Akpan who worked tirelessly to ensure that this milestone is achieved.
The passage of the bill would not have been achieved without your relentless effort.
“May I use this opportunity to commend and express my gratitude to the Senate President and my fellow Distinguished Colleagues for their immense contributions and unanimous expression of support which aided the smooth passage of the bill.
“Let me also thank President Muhammadu Buhari for exhibiting faith and utmost belief in the Ninth Assembly as he has today signed the PSC bill into law.
“Conclusively, I thank my family, friends and supporters who have shown enormous support through their good words and unwavering confidence in me.
I will continue to fashion out legislative interventions for the development of my Senatorial District, the Southeastern economy and Nigeria at large.”
