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Buhari Won’t Delay Assent To PIB, Says Osinbajo - Politics - Nairaland

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Buhari Won’t Delay Assent To PIB, Says Osinbajo by TheRareGem1(f): 8:53am On Jul 07, 2021
Vice President Yemi Osinbajo (SAN) yesterday assured Nigerians that President Muhammadu Buhari will not waste time before signing the Petroleum Industry Bill (PIB), which has just been passed by the National Assembly.

Osinbajo, while declaring open the 20th Nigeria Oil and Gas (NOG) Conference and Exhibition in Abuja described the passage of the legislation as a “feat,” noting that he was not unmindful of the challenges faced by operators in the oil and gas sector.

Osinbajo, represented by the Minister of State for Petroleum Resources, Mr. Timipre Sylva, said the global lockdown triggered by the COVID-19 pandemic had pushed the industry into a state of major economic crisis and further amplified the global clamour for cleaner and more sustainable renewable energy.

Osinbajo stated that the future survival and the success of many players in the industry will not only depend on their achieving greater focus on cleaner energy sources, but also upon their ability to deliver low-cost solutions to their stakeholders.

He added that the federal government is encouraging industry players to focus on the country’s vast natural gas resources as a transition fuel that will function as a bridge between the dominant fossil fuels of today and the cleaner energy of tomorrow.

According to him, the country is ramping up its ability to meet the increasing global requirement for cleaner primary energy, while at the same time enabling much needed domestic industrialisation for rapid economic growth.

Osinbajo said: “We are not unmindful of the peculiar challenges confronting the oil and gas operators in Nigeria from infrastructural deficiencies and insecurity to the high cost of operation, to mention just a few.

“The government is working consciously to tackle all without lagging behind on our path to meeting the global demand that our signatory to international protocols on cleaner energy have placed on us.”

He said despite the current global challenges in the industry, the government had been supporting the aggressive implementation of the nationwide gas infrastructure blueprint, which informed Nigeria’s declaration of the year 2021 to 2030 as the Decade of Gas, coupled with the enormous work on the PIB to free the industry for investment.

“As you are aware, just last week, the National Assembly passed the long-awaited Petroleum Industry Bill. This unprecedented feat has been adjudged as a watershed moment for our nation.

“Let me assure you that the bill when transmitted to the presidency for assent, would receive necessary and timely consideration. Infrastructural development, security issues, high cost of operations and other various issues are well covered in this all-encompassing bill.

“On behalf of the government, I can assure you that the eventual Act, if fully operational, its governance, administrative and fiscal provisions will be some of the most attractive in Africa,” he added.

In his remarks, Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC) Dr. Sanusi Barkindo, said the long-awaited legislation for the oil and gas sector would help guide the reforms designed to strengthen institutions.

In addition, he said it would solidify regulatory and fiscal frameworks and attract much-needed investment in a sustainable manner, adding that “the 9th National Assembly has engraved itself in gold in passing the Petroleum Industry Bill.”

On the global front, Barkindo, whose keynote address was themed: “Global Oil Market Dynamics in a Decarbonising World” stated that investors, environmental lobbyists and even some corporate boards have been pressuring oil companies and governments to pursue radical policies and initiatives that could, in the end, be more disruptive than productive for the global energy industry.

He said: “There have recently even been calls for investments in oil and gas to be discontinued, which is a dangerous and unrealistic scenario. These voices have emerged particularly in the context of the ‘net-zero’ 2050 emissions discussions.

“The fact is, however, that oil and gas have an important role to play in the energy transition. Let me be clear, OPEC supports the need to reduce emissions, bolster efficiency and embrace innovation, but we must be aware of the risk we run of not adequately investing in the future of this industry.”

According to him, the industry is already dealing with the harsh impacts the COVID-19 pandemic has had on investment, which declined by 30 per cent in 2020.

He said if this were to continue, the world could see demand exceeding supply, posing an energy security risk to both producers and consumers.

Barkindo added that this could result in knock-on effects for both the global economy and geopolitics, as there is simply no “one size fits all” solution to addressing climate change.

Instead of jettisoning fossil fuels altogether, he said the deployment of cutting edge technologies and advanced innovations, can all be leveraged to promote a lower carbon future such as carbon capture, utilisation, and storage (CCUS).

Barkindo stated that there are challenges to achieving net-zero emissions by 2050, stressing that in terms of scale and timing, the 28-year period from now until 2050 is not adequate to achieve net-zero emissions, considering the scale of investments required, the availability of land and the required massive expansion of the electricity grid.

“The last transition took nearly 200 years to cycle through, and now we want to achieve an even more ambitious transition in less than 30 years! This is simply not realistic,” he added.

He stated that 790 million people worldwide did not have access to electricity in 2020, most of them located in Sub-Saharan Africa and developing Asia, with roughly 2.6 billion people who did not have access to clean cooking fuels, 35 per cent of whom were in Sub-Saharan Africa, 25 per cent in India and 15 per cent in China.

“Climate financing for adaptation and mitigation is an extremely complex process, and questions continue to be raised as to how the $100 billion per year committed in the Paris Agreement will be secured, much less the even more ambitious $5 trillion annual funding needed globally as set out by the net-zero 2050 plan,” he stated.

Also speaking, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, stated that it is now clear that the industry is challenged today.

“As we all know, investment has gone down 30 per cent. So, those outcomes (non-investment in the oil sector) will come up probably in the next three, four, five years when we will realise that the lack of investment of today will manifest in a very practical sense in our inability to meet demand requirements of oil and gas industry,” he said.

He stressed the need to create the right balance, adding that the world is making a mistake by assuming that in 2050, fossil fuel will disappear and yield the space to renewables.

Director of the Department of Petroleum Resources (DPR), Mr. Sarki Auwalu, in his comments said the oil and gas sector remained pivotal to the Nigerian economy and had historically accounted for upwards of 80 per cent of government revenues and over 90 per cent in foreign exchange earnings, since the beginning of oil exploitation in the late 1950s.

He expressed confidence that with the passage of the PIB into law, operators would have the reasons to consolidate their portfolios in the Nigeria petroleum industry while the influx of new investments from second-generation International Oil Companies (IOCs) is being expected.

National Assembly Constitutes Committees to Harmonise PIB

Meanwhile, following the rejection of the certain provisions of the Petroleum Industry Bill (PIB) by the leaders of the Southern Nigeria, the two chambers of the National Assembly have constituted two separate committees to harmonise the oil bill.

On its part, the Senate set up a seven-man conference committee on the PIB.
President of the Senate, Dr. Ahmad Lawan, announced the composition of the conference committee at plenary on Tuesday.

He named the committee members to include the Senate Leader, Senator Yahaya Abdullahi, who will serve as Chairman; Senators Mohammed Sabo, North-west; Albert Bassey Akpan, South-south; Danjuma Goje, North-east; Opeyemi Bamidele, South-west; Stella Oduah, South-east and Gabriel Suswam, North-central.

Lawan charged members of the conference committee to meet with their counterparts in the House of Representatives to enable the National Assembly to come up with a final document on the PIB for transmission to the executive arm of government.

He said: “The conference committee will meet with our counterparts in the House; the House will also announce the composition of the conference committee, and we hope that they will swing into action immediately, so that we are able to have the final document of the PIB which we will transmit for the presidential assent.

“So, we expect our delegation hereunder the leadership of the Senate Leader to engage with our colleagues in the House of Representatives.”

Last week, the two chambers of the National Assembly passed the age-long PIB with the Senate approving three per cent of operational cost as Trust Fund for Host communities while the House of Representatives approved five per cent.

The conference committee of the two chambers is expected to harmonise the percentage due to the host communities before the final cleaning of the bill for onward transmission to the President for his assent.

Gbajabiamila yesterday set up a committee for the harmonisation of differences in the bill.

He said Hon. Muhammad Monguno will chair the committee, with Hon. Victor Nwokolo, Hon. Ademorin Kuye, Hon. Kingsley Uju, Hon. Tijjani Yusuf, Hon. Ibrahim Hamza and Hon. Mansur Soro as members.

Gbajabiamila also read a communication from the Speaker of the Ghanaian parliament, Mr. Albert Bagbin, of his intention to visit the House of Representatives on Wednesday (today), to brief the House as a continuation of the collaboration between the Nigerian and Ghanaian parliaments.

https://www.thisdaylive.com/index.php/2021/07/07/buhari-wont-delay-assent-to-pib-says-osinbajo/
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by TheRareGem1(f): 8:53am On Jul 07, 2021
"Osinbajo, represented by the Minister of State for Petroleum Resources, Mr. Timipre Sylva, said the global lockdown triggered by the COVID-19 pandemic had pushed the industry into a state of major economic crisis and further amplified the global clamour for cleaner and more sustainable renewable energy."


I think the 3% for the host communities of the PIB is okay, and he can always be reviewed.
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by Joylove2324(f): 8:55am On Jul 07, 2021
.
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by Monogamy: 8:57am On Jul 07, 2021
shocked
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by Lubumbashi: 8:59am On Jul 07, 2021
He won't waste time when 30% has been reserved for searching for that elusive oil for boko haram and herdsmen to take over if found.
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by iwaeda: 8:59am On Jul 07, 2021
TheRareGem1:
Vice President Yemi Osinbajo (SAN) yesterday assured Nigerians that President Muhammadu Buhari will not waste time before signing the Petroleum Industry Bill (PIB), which has just been passed by the National Assembly.

Osinbajo, while declaring open the 20th Nigeria Oil and Gas (NOG) Conference and Exhibition in Abuja described the passage of the legislation as a “feat,” noting that he was not unmindful of the challenges faced by operators in the oil and gas sector.

Osinbajo, represented by the Minister of State for Petroleum Resources, Mr. Timipre Sylva, said the global lockdown triggered by the COVID-19 pandemic had pushed the industry into a state of major economic crisis and further amplified the global clamour for cleaner and more sustainable renewable energy.

Osinbajo stated that the future survival and the success of many players in the industry will not only depend on their achieving greater focus on cleaner energy sources, but also upon their ability to deliver low-cost solutions to their stakeholders.

He added that the federal government is encouraging industry players to focus on the country’s vast natural gas resources as a transition fuel that will function as a bridge between the dominant fossil fuels of today and the cleaner energy of tomorrow.

According to him, the country is ramping up its ability to meet the increasing global requirement for cleaner primary energy, while at the same time enabling much needed domestic industrialisation for rapid economic growth.

Osinbajo said: “We are not unmindful of the peculiar challenges confronting the oil and gas operators in Nigeria from infrastructural deficiencies and insecurity to the high cost of operation, to mention just a few.

“The government is working consciously to tackle all without lagging behind on our path to meeting the global demand that our signatory to international protocols on cleaner energy have placed on us.”

He said despite the current global challenges in the industry, the government had been supporting the aggressive implementation of the nationwide gas infrastructure blueprint, which informed Nigeria’s declaration of the year 2021 to 2030 as the Decade of Gas, coupled with the enormous work on the PIB to free the industry for investment.

“As you are aware, just last week, the National Assembly passed the long-awaited Petroleum Industry Bill. This unprecedented feat has been adjudged as a watershed moment for our nation.

“Let me assure you that the bill when transmitted to the presidency for assent, would receive necessary and timely consideration. Infrastructural development, security issues, high cost of operations and other various issues are well covered in this all-encompassing bill.

“On behalf of the government, I can assure you that the eventual Act, if fully operational, its governance, administrative and fiscal provisions will be some of the most attractive in Africa,” he added.

In his remarks, Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC) Dr. Sanusi Barkindo, said the long-awaited legislation for the oil and gas sector would help guide the reforms designed to strengthen institutions.

In addition, he said it would solidify regulatory and fiscal frameworks and attract much-needed investment in a sustainable manner, adding that “the 9th National Assembly has engraved itself in gold in passing the Petroleum Industry Bill.”

On the global front, Barkindo, whose keynote address was themed: “Global Oil Market Dynamics in a Decarbonising World” stated that investors, environmental lobbyists and even some corporate boards have been pressuring oil companies and governments to pursue radical policies and initiatives that could, in the end, be more disruptive than productive for the global energy industry.

He said: “There have recently even been calls for investments in oil and gas to be discontinued, which is a dangerous and unrealistic scenario. These voices have emerged particularly in the context of the ‘net-zero’ 2050 emissions discussions.

“The fact is, however, that oil and gas have an important role to play in the energy transition. Let me be clear, OPEC supports the need to reduce emissions, bolster efficiency and embrace innovation, but we must be aware of the risk we run of not adequately investing in the future of this industry.”

According to him, the industry is already dealing with the harsh impacts the COVID-19 pandemic has had on investment, which declined by 30 per cent in 2020.

He said if this were to continue, the world could see demand exceeding supply, posing an energy security risk to both producers and consumers.

Barkindo added that this could result in knock-on effects for both the global economy and geopolitics, as there is simply no “one size fits all” solution to addressing climate change.

Instead of jettisoning fossil fuels altogether, he said the deployment of cutting edge technologies and advanced innovations, can all be leveraged to promote a lower carbon future such as carbon capture, utilisation, and storage (CCUS).

Barkindo stated that there are challenges to achieving net-zero emissions by 2050, stressing that in terms of scale and timing, the 28-year period from now until 2050 is not adequate to achieve net-zero emissions, considering the scale of investments required, the availability of land and the required massive expansion of the electricity grid.

“The last transition took nearly 200 years to cycle through, and now we want to achieve an even more ambitious transition in less than 30 years! This is simply not realistic,” he added.

He stated that 790 million people worldwide did not have access to electricity in 2020, most of them located in Sub-Saharan Africa and developing Asia, with roughly 2.6 billion people who did not have access to clean cooking fuels, 35 per cent of whom were in Sub-Saharan Africa, 25 per cent in India and 15 per cent in China.

“Climate financing for adaptation and mitigation is an extremely complex process, and questions continue to be raised as to how the $100 billion per year committed in the Paris Agreement will be secured, much less the even more ambitious $5 trillion annual funding needed globally as set out by the net-zero 2050 plan,” he stated.

Also speaking, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, stated that it is now clear that the industry is challenged today.

“As we all know, investment has gone down 30 per cent. So, those outcomes (non-investment in the oil sector) will come up probably in the next three, four, five years when we will realise that the lack of investment of today will manifest in a very practical sense in our inability to meet demand requirements of oil and gas industry,” he said.

He stressed the need to create the right balance, adding that the world is making a mistake by assuming that in 2050, fossil fuel will disappear and yield the space to renewables.

Director of the Department of Petroleum Resources (DPR), Mr. Sarki Auwalu, in his comments said the oil and gas sector remained pivotal to the Nigerian economy and had historically accounted for upwards of 80 per cent of government revenues and over 90 per cent in foreign exchange earnings, since the beginning of oil exploitation in the late 1950s.

He expressed confidence that with the passage of the PIB into law, operators would have the reasons to consolidate their portfolios in the Nigeria petroleum industry while the influx of new investments from second-generation International Oil Companies (IOCs) is being expected.

National Assembly Constitutes Committees to Harmonise PIB

Meanwhile, following the rejection of the certain provisions of the Petroleum Industry Bill (PIB) by the leaders of the Southern Nigeria, the two chambers of the National Assembly have constituted two separate committees to harmonise the oil bill.

On its part, the Senate set up a seven-man conference committee on the PIB.
President of the Senate, Dr. Ahmad Lawan, announced the composition of the conference committee at plenary on Tuesday.

He named the committee members to include the Senate Leader, Senator Yahaya Abdullahi, who will serve as Chairman; Senators Mohammed Sabo, North-west; Albert Bassey Akpan, South-south; Danjuma Goje, North-east; Opeyemi Bamidele, South-west; Stella Oduah, South-east and Gabriel Suswam, North-central.

Lawan charged members of the conference committee to meet with their counterparts in the House of Representatives to enable the National Assembly to come up with a final document on the PIB for transmission to the executive arm of government.

He said: “The conference committee will meet with our counterparts in the House; the House will also announce the composition of the conference committee, and we hope that they will swing into action immediately, so that we are able to have the final document of the PIB which we will transmit for the presidential assent.

“So, we expect our delegation hereunder the leadership of the Senate Leader to engage with our colleagues in the House of Representatives.”

Last week, the two chambers of the National Assembly passed the age-long PIB with the Senate approving three per cent of operational cost as Trust Fund for Host communities while the House of Representatives approved five per cent.

The conference committee of the two chambers is expected to harmonise the percentage due to the host communities before the final cleaning of the bill for onward transmission to the President for his assent.

Gbajabiamila yesterday set up a committee for the harmonisation of differences in the bill.

He said Hon. Muhammad Monguno will chair the committee, with Hon. Victor Nwokolo, Hon. Ademorin Kuye, Hon. Kingsley Uju, Hon. Tijjani Yusuf, Hon. Ibrahim Hamza and Hon. Mansur Soro as members.

Gbajabiamila also read a communication from the Speaker of the Ghanaian parliament, Mr. Albert Bagbin, of his intention to visit the House of Representatives on Wednesday (today), to brief the House as a continuation of the collaboration between the Nigerian and Ghanaian parliaments.

https://www.thisdaylive.com/index.php/2021/07/07/buhari-wont-delay-assent-to-pib-says-osinbajo/

The corrupted one abi; 3% and 30% grin grin grin grin grin grin grin grin
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by MadamVanessa(f): 9:02am On Jul 07, 2021
The honourable commissioner has delivered what the cabal told him to say.

1 Like

Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by Nobody: 9:02am On Jul 07, 2021
This is how Nigeria will be divided.

He named the committee members to include the Senate Leader, Senator Yahaya Abdullahi, who will serve as Chairman; Senators Mohammed Sabo, North-west; Albert Bassey Akpan, South-south; Danjuma Goje, North-east; Opeyemi Bamidele, South-west; Stella Oduah, South-east and Gabriel Suswam, North-central.
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by nonhuman(m): 9:03am On Jul 07, 2021
How will he waste time when the bill is on his favour, to even think that sylva a Niger deltan is OK with the bill, I weep for my people
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by MadamVanessa(f): 9:05am On Jul 07, 2021
iwaeda:


The corrupted one abi; 3% and 30% grin grin grin grin grin grin grin grin

Must you quote the whole article before you can comment?
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by ShobayoEmma(m): 9:07am On Jul 07, 2021
Why would he delay assent when it favours the North. the idiot only have issue with anything that will favour the south.


Buhari a good man with evil Intensions
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by iwaeda: 9:09am On Jul 07, 2021
MadamVanessa:


Must you quote the whole article before you can comment?
Am I not allowed to do so madam?
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by sweetshisha: 9:19am On Jul 07, 2021
cool


5% to 10% or let them keep their bill


.
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by joe54: 9:26am On Jul 07, 2021
Its in his favour.
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by TheRareGem1(f): 9:45am On Jul 07, 2021
MadamVanessa:
The honourable commissioner has delivered what the cabal told him to say.

Then you didn't read this article madamvenessa. Because if you do, you'd know that it was the minister of state that rep the VP, one who has the right to express his opinion, especially, as a minister of oil and gas grin


"Osinbajo, represented by the Minister of State for Petroleum Resources, Mr. Timipre Sylva, said the global lockdown triggered by the COVID-19 pandemic had pushed the industry into a state of major economic crisis and further amplified the global clamour for cleaner and more sustainable renewable energy."
Re: Buhari Won’t Delay Assent To PIB, Says Osinbajo by Penguin2: 4:45pm On Jul 07, 2021
See the idiot zombies are projecting to replace Buhari.

While the South whom he represents in the seat of power, is in outrage over the obvious absurdities contained in the PIB, this idiot is not concerned about those things but promising speedy presidential assent to the rubbish.

Of what use is Osinbajo to the South as a Vice President?

Isn’t he supposed to be representing our interest?

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