Today, October 14, 2019, the Senate Joint Committee on Petroleum Resources(Upstream),Gas,Finance,and the Judiciary and human Rights officially commenced public hearing on the bill to amend the Deep Offshore and Inland Basin Production Sharing Contract, Cap D3 LFN (Amendment) Bill 2019.
The amendment bill which seeks to address the systemic negligence and non-review of the PSC Act which for over a period of 20 years, has incurred a revenue loss of about $21 billion for the Federal Government is premised upon Section 16 of the Act which allows for periodic review of the Act.
During the hearing, I emphasized that the joint committees are working closely with the Nigerian National Petroleum Corporation(NNPC) and relevant industry stakeholders to ensure that the bill is passed so as to Generate an additional accruable revenue of 30billion naira monthly (360billion annually) for the Federal Government.
With President Muhammadu Buhari’s willingness to ensure that the bill is actualized, it is expected that the amendment Bill will be passed by the Senate within the next few weeks. I will continue to monitor developments and provide further highlights on the progress of the amendment Bill.
Present at the hearing were the Honorable Minister of State for Petroleum,Chief Timipre Sylva ,the GMD of the Nigerian National Petroleum Corporation (NNPC); Malam Mele Kyari, executive heads of International Oil Companies,Department of Petroleum Resources (DPR) and other key industry players.
Senator (Dr.) Ifeanyi Ubah
Anambra South Senatorial District.