₦airaland Forum

By BusinessNews Staff on May 29, 2016
The Lagos Chamber of Commerce and Industry (LCCI) has declared that the Nigerian economy suffered severe decline in the past one year of the administration of President Muhammadu Buhari.

The LCCI in a report titled: “The Economy After One Year of Buhari’s Administration” released yesterday explained that the woeful outcome of the nation’s economic performance was the result of “the absence of well structured, broad-based and synergized economic blueprint with clearly stated goals, plans, policies and strategies to drive the economy.”
The Chamber stressed that the economic policy space remained unclear, adding that the policy conception was faulty, hence, policy coordination and implementation suffered serious setback.

The LCCI stated in the report: “There is, therefore, urgent need for central policy strategy with detailed and well-designed policy direction. This is critical to effective and efficient coordination and implementation of policy.

“While the policy goal of eliminating corruption is laudable, the need for concerted effort on the side of the government with respect to policy, legal and regulatory environments in order to boost private sector participation is highly desirable.

“Improving the ease of doing business through efficient business environment vis-à-vis effective infrastructure in all facets of the economy is pertinent.

“It is imperative to make very strong moves to resolve the weakening oil revenue and find creative ways of incentivising forex inflow to Nigeria so as to boost liquidity and ease access to forex through alternative sources such as FDI in critical sectors of the economy and diaspora remittances.”

Analysing the various declining indices that left the overall economy in shambles in the last one year, the organised private sector body noted that the Gross Domestic Product (GDP) of the country which stood at 2.35 per cent in May 2015 when the current administration took office, has now crashed to -0.4 per cent(negative growth) in May 2016.

As for the official exchange rate of the dollar to the naira, in May 2015, $1 exchanged for N197.9, while in 2016 a dollar is N199, but in the parallel market, according to the Chamber, a dollar was N219 in May 2015 but depreciated to about N350 in May 2016.

Other indices analysed were the rate of inflation which according to LCCI, jumped from 8.7 per cent in May 2015 to 13.9 per cent in May 2016.

The crude oil output in the country was also found to have dipped significantly, dropping from 2.05 million barrels per day (bpd) in May 2015, to 1.4 million bpd in 2016.

For the nation’s external reserves, there was also a decline of $1.25 billion in Buhari’s one year, falling from $29.1 billion to $27.86billion.

The Federation Accounts Allocation Committee (FAAC) also had its revenue markedly depleted from N409 billion in May 2015, to N299 billion in May 2016.

The stock market capitalisation followed suit in the decline with capitalisation dropping from N11.42 trillion in May 2015, to N8.7 trillion in May 2016.

Unemployment figures soared higher during the period, rising from 24.1 per cent in 2015, to 29.2 per cent in 2016.

Other statistics analysed by the LCCI included the Business Confidence Index which tumbled from 7.3 per cent to -8 per cent (negative); Industrial Capacity Utilisation which fell from 54.9 to 53.7; Ease of Doing Business fell from 170 units to 169 units; Agricultural sector growth fell from 4.7 per cent to 3.09 per cent; Industrial sector growth fell from -2.53 per cent to -5.4 per cent; Services sector growth fell from 7.04 per cent to 0.80 per cent; Aviation passenger traffic dropped from 4.2 million to 3.8 million people; Real estate vacancies index rose from 100 units to 143 units; Power output dropped from 3,205 mw to 2,500 mw; Power available per day dropped from 13 hours to 5 hours and Banks’ bad loans rose from N25.3 billion in May 2015 to N41.5 billion in May 2016.



Making recommendations on how to stem the drift, the LCCI stated: “We observed remarkable success in containing Boko Haram insurgency by pushing them from taking territories and local councils to the fringes of Sambisa Forest. As the final clearing of Boko Haram continues, we urge the government to extend its attention to the growing security breaches coming from groups such as the armed Herdsmen and the Niger Delta Militants. Businesses and the private sector can only thrive in a peaceful and secure environment.

“Anti-corruption war of the present administration should continue unabated and we are happy that emphasis is being placed on recovering looted funds both from within and outside the country. It is our wish that government reviews its processes and put in place reforms including frameworks that would inherently curb corruption.

“We welcome Government’s recent removal of subsidy on kerosene and PMS. However, we call for full deregulation of the downstream petroleum sector. This will reduce distortions in the downstream oil industry, eliminate corruption that has marred the sector over the years, increase government revenue whilst empowering the government to fund infrastructure and other social interventions.

“We welcome the decision of the Central Bank of Nigeria (CBN) to adopt a flexible exchange rate regime which is desirable in the light of prevailing economic realities. There is however, a need for clarity on what the CBN describes as a special window for critical transactions for which preferential rates will apply. We would like to caution against possible abuse and distortions that such a window could create. On the immediate, relaxing the impediments that will allow liquidity to flow into the autonomous forex market is desirable.

“The Budget has been signed into law after about four months of delay. We expect marginal recovery in economic activities as soon as disbursement of capital projects and social intervention programmes start. The 2016 budget assent and implementation should give rise to positive macro environment. However, inflationary impact remains a concern as the presidency will become more practical in its quest to deliver on some critical electoral promises.”

NBS: States’ IGR Dropped by N25.18bn in 2015

The Internally Generated Revenue (IGR) of the 36 states of the federation dropped by N25.18 billion to N682.67 billion in 2015 compared to N707.85 billion realised in the previous year, the National Bureau of Statistics (NBS) stated yesterday.

Although Lagos State topped the revenue chart with N268.22 billion in the period under review, it lost N7.93 billion when compared with the N276.16 billion it posted in 2014.

Rivers was second with N82.10 billion, a difference of N7.011 billion with regards to N89.11 billion collected in 2014.

Delta State’s 2015 IGR also dipped by N2.01 billion to N40.80 billion from N42.81 billion the previous year.

Yobe recorded the least revenue for the period in review with N2.25 billion, representing a drop of N822.44 million when compared to the N3.07 billion it raked in the previous year.

According to the 2015 States’ IGR figures released by the statistical agency yesterday, only Ebonyi State had incomplete IGR computation for 2015 but recorded N11.03 billion in 2014.

In Imo, IGR declined by N2.64 billion to N5.47 billion from N8.11 billion the previous year while Kaduna recorded N11.53 billion as against N12.78 billion in 2014, a drop of 32.57 percent.

However, Ogun increased its IGR significantly by N17.09 billion to N34.59 billion from N17.49 in the previous year, representing an increase of 97.72 percent.

Anambra also enhanced its collection by 41.48 percent to N14.79 billion from N10.45 billion in 2014 as well as Edo which grew its revenue to N19.11 billion from N17.02 billion.

Kwara State IGR further dipped by 42.39 percent to N17.17 billion from N12.46 billion in the period in review.

According to the NBS, states’ tax revenue came largely from Pay-As-You-Earn (PAYE), direct assessment, road taxes and other revenue.

Lagos raked as much as N175.43 billion from PAYE and N9.51 billion from road taxes in the period under review
http://businessnews.com.ng/2016/05/29/lcci-economy-suffered-severe-decline-under-buharis-one-year/
lalasticlala Mynd44

photocracy government!! won't be surprised if he is an Apc Governor!! when we go see pictures of projects been commissioned?

Una recover billions of dollars, TSA saved Trillions of naira YET BUHARI go tell us say money no dey? what is going on?? it doesn't add up?

this man lie no get part two!! abeg rescue we Nigerians from Hardship!!!

Maser:
I know people like you are praying for this govt. to fail. Even if they start succeeding you will still not be happy they are succeeding. You'd wish for failure to come. Anyways, in civilised climes, after every election, they throw away election bitterness and come together to wish the country and opposition well knowing fully well that the success of govt. is everyone's success irrespective of which party is in power. But, your mentality is that of typical African, and the very reason Africa is underdeveloped

my friend shut up! na sycophants like Una dey go dey praise bad thing! the economy is going down, things are hard, you are here talking rubbish!! make I no vex for you oooh

NOETHNICITY:
www.nairaland.com/3131607/efcc-secured-140-convictions-recovered
Also metuh about to return about 400m yAms he ate! I don't expect u to see these achievements since u re a wailing zombie!

see this one!! you still dey chop propaganda?? e go run your belle oooh, na today we begin hear tori? Oya name up to ten convictions nah? Efcc wey dem do turn to bloggers, wey dey blow lie pass bloggers sef!!

this so called article is like in Exam hall, when you don't know what to write you go just dey write round and round, off point, within yourself you know that your are writing rubbish but you have no choice than to continue so that you go write full paper!! abeg the main thing na wetin dey happen for real life nobi to dey write jargons dey feed una Zombies!!

Apc like to dey talk talk upandan!! Oga do it already abeg!!

na the same thing dey happen in the current government!! suffering and smiling!!

And they will tell us money no dey!!

Zombies Oya den done cook for una

ifenes:
Support your government and stop worrying about APC. Automated payment is good and would cut cost. That's what advanced societies do. Stop being a pawn for political parties. Support your President, he is doing a good job. Before you abuse me, I'm not a resident of Nigeria

you are not a Nigerian resident but you know our president is doing a good? what an irony?

when will Buhari commission a project oooh

Lawlessness in the land!! Nigeria is now WILD WILD WEST!! kudos to Buhari, Everybody should go and get a gun oooh

Zombies be like yahoo finance is IPOD yoots oooooh

lol All People Confused party!! I thought Buhari said no 5k?? besides 5k now is useless sef

Buhari to spend N3.9bn on Aso Rock maintenance
May 23, 2016




Olalekan Adetayo, Abuja

President Muhammadu Buhari will spend N3.914bn on the maintenance of the Presidential Villa, Abuja this year.

This is apart from another N282.962m he has already set aside for the  General Maintenance Services of State House (Headquarters); and the N41.844m budgeted for General Maintenance Services of State House Operations (Vice President).



These figures are contained in the details of the 2016 Appropriation Act recently signed into law by the President and made available on the website of the Budget Office.

According to the details, the Federal Government will pay the N3.914bn to a construction giant, Julius Berger Plc, saddled with the responsibility of maintaining the seat of power.

The amount is tagged Annual Routine Maintenance of Villa Facilities.

The State House Operations (President) got a total allocation of N1.698bn in the budget while State House Operations (Vice-President) got a total allocation of N289.617bn.

Out of the N282.962m budgets for General Maintenance Services of State House (Headquarters), N182.079m will be spent on maintenance of motor vehicles/transport equipment; N11.545m for the maintenance of office furniture; N27.846m for the maintenance of office/Information Technology equipment; N13.620m for the maintenance of plants/generators and N47.870m for “other maintenance services.”

The breakdown of the N41.844m budgeted for General Maintenance Services of State House Operations (Vice President) shows that N27.139m is for the maintenance of motor vehicles/transport equipment; N1.451m for the maintenance of office furniture; N4.422m for the maintenance of plants/generator; and N8.832m for “other maintenance services.”

Under Materials and Supplies, N103.470m is budgeted for foodstuff/catering materials supplies; N321.070m for miscellaneous; N276.879m for honorarium and sitting allowance; while N44.190m is allocated to publicity and advertisement.

N32.368m is allocated to General Consulting and Professional Services.

Under that category, financial consulting got N25.063m; N2.713m allocated to legal services; and N4.591 budgeted for budget preparation.

The Federal Government will also be buying recreation materials worth N12.075m for the Presidential Villa during the year.

Olalekan Adetayo, Abuja

President Muhammadu Buhari will spend N3.914bn on the maintenance of the Presidential Villa, Abuja this year.

This is apart from another N282.962m he has already set aside for the  General Maintenance Services of State House (Headquarters); and the N41.844m budgeted for General Maintenance Services of State House Operations (Vice President).



These figures are contained in the details of the 2016 Appropriation Act recently signed into law by the President and made available on the website of the Budget Office.

According to the details, the Federal Government will pay the N3.914bn to a construction giant, Julius Berger Plc, saddled with the responsibility of maintaining the seat of power.

The amount is tagged Annual Routine Maintenance of Villa Facilities.

The State House Operations (President) got a total allocation of N1.698bn in the budget while State House Operations (Vice-President) got a total allocation of N289.617bn.

Out of the N282.962m budgets for General Maintenance Services of State House (Headquarters), N182.079m will be spent on maintenance of motor vehicles/transport equipment; N11.545m for the maintenance of office furniture; N27.846m for the maintenance of office/Information Technology equipment; N13.620m for the maintenance of plants/generators and N47.870m for “other maintenance services.”

The breakdown of the N41.844m budgeted for General Maintenance Services of State House Operations (Vice President) shows that N27.139m is for the maintenance of motor vehicles/transport equipment; N1.451m for the maintenance of office furniture; N4.422m for the maintenance of plants/generator; and N8.832m for “other maintenance services.”

Under Materials and Supplies, N103.470m is budgeted for foodstuff/catering materials supplies; N321.070m for miscellaneous; N276.879m for honorarium and sitting allowance; while N44.190m is allocated to publicity and advertisement.

N32.368m is allocated to General Consulting and Professional Services.

Under that category, financial consulting got N25.063m; N2.713m allocated to legal services; and N4.591 budgeted for budget preparation.

The Federal Government will also be buying recreation materials worth N12.075m for the Presidential Villa during the year.
http://www.punchng.com/buhari-spend-n3-9bn-aso-rock-maintenance/?

cc: mizmycoli, tonyebarcanista, firefire, TippyTop, lalasticlala Mynd44
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THE MIRACLE OF CHIBOK

Analysis Number 1.
~~~~~~~~~~~~~

Girl's Age = 15

Nigeria's educational system = 6 3 3 4

Date of abduction = 2014 (2 years ago)

Age at abduction = 15 - 2 = 13

Girl's class at abduction = SS3 (©Chibok girls taking SSCE physics)

So, a 13 year old girl who cannot speak English was taking physics at Chibok secondary school mbok?

6yrs primary school + 6yrs Secondary school = 12 years. This implies our miracle Chibok babe entered primary school at age 1, yet can't speak English! If this lack of knowledge of English made her repeat any class in this trajectory of divine educational trajectory, that means the bigger miracle that she started school in the womb!

I love the way APC and Buhari are insulting the intelligence of Nigerians in 'wetin una go do' style. Una never see something!

Analysis Number 2
~~~~~~~~~~~~~

So Amina Ali was Abducted 2 years ago at the age of 15 bearing one name, now she has returned at 19 with a 15 month old baby
bearing two different names? God forgive my
curiosity!

Is 15+2 no longer 17?

15 months + 9 months = 24 months ( Two years) and these girls were kidnapped in April, 2014 and we are in May 2016.

Does it mean Amina was pregnant before her abduction?

If YES, was she seeing the Boko Haram man they are referring to as her husband before her abduction?

Nigeria is the real Game of thrones!...‪#‎copied‬ from Facebook

Keneking:
Sai Buhari...amazing decision ...you need to prepare for this week (packed with activities)

This week is crucial for the government as it prepares to celebrate one year in office:

- Jonathan meets PMB this week (most important)
- EFCC to interview Jonathan this week
- Military to announce new strategy to deal with resurgence in Niger/Delta
- Major construction works to start on abandoned projects
- Okonjo Iweala to reply SERAP
- Chibok girls release to intensify
- Court to rule on Metuh's application
- Saraki's trial to continue
- PDP factions led by A. sheriff to head to court
- Court to rule on Dasuki, Yellow man's case
- EFCC charge sheet on Fani Kayode to be released
- Chad to officially write Nigeria about $5mil receipt on fight against Book Haram
- More beneficiaries to be named in Dasukigate
- NLC (Wabba faction) to suspend strike for 6months.
- Notice of repatriation on investigated and Wanted Nigerians to be released this week by EFCC...Obanikoro and co..

hahahahaha SPOT ON!!! the 30 trillion wan kee me with laff!! Nigerians be prepared for this kind propaganda news and many more this week!!

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has again assured Nigerians that quality and uninterrupted power supply in the country was achievable but could only happen if citizens cooperated with the government.

He said by taking ownership of and protecting the various power supply facilities across the country, citizens would be advancing the country’s aim for stable electricity supply.

He said the power market was a result driven business and that until every Nigerian got metered, government would not consider the job done.



“I understand that and it will happen but be patient, be encouraging, be supportive and be understanding.

“It has taken this long and if we have waited for this long we won’t wait for that long again to complete it, we are setting targets and we want to be realistic too otherwise we will become incredible and unbelievable, we also want a system to evolve,” said Fashola in a statement.

The statement was from his senior special assistant on communication, Mr. Hakeem Bello Sunday in Abuja. It said the minister spoke to journalists on the power supply situation in the country after he delivered a keynote address at the Nigeria Urban Design Forum 2016 which held at the LCCI Conference Centre.

Fashola explained that the government was ready and has mapped out its programme to increase power generation and distribution in the country, and then guarantee stability in supplies.

He said the only way government could realise its plans for the country’s power sector was if practices of cutting gas pipelines amongst others stopped.

“But one of the things we should stop doing is to stop cutting gas pipelines and all of you must sensitise all of those who are involved because that is why supply is down,” said Fashola.

He said 23 of the nation’s power plants are gas powered and that it was important for those involved to stop vandalising and cutting gas pipelines. He also added that such culprits be sensitised on the evil consequences of their nefarious acts to the economy and the country.

“We are ready and willing to supply power but as I have said before, our power plants are no different from your generators at home, if you don’t have fuel you cannot operate the power plants.

“The main source of about 23 of our power plants is gas, so when people break the gas line it’s like breaking the diesel tank or your petrol tank that supplies your generator at home and that’s why the power situation is currently this bad, so, as soon as we restore those gas pipelines, power will improve,” he stated.

On government’s plans concerning other renewable sources of power, Fashola disclosed that there are proposals that government is currently receiving especially from those who want to do solar and other forms of renewable energy.
http://www.thisdaylive.com/index.php/2016/05/22/unstable-power-fashola-appeals-to-nigerians-for-patience-support/

smh FOOD FOR ZOMBIES!! OYA COME EAT!!

Zombies be like BBC are ipod yoots ooh Biafra Broadcasting Corporation!!

old fool that can't see beyond his nose!!

am still marveled at how backwards the north is, despite all this wealth!! WHAT A BIG SHAME!!!! lalasticlala Mynd44 come see them

Trouble in the Senate Yesterday as Senator Ita Enang Reveal that Northerners own 80% of oil blocks

Supporters of the Petroleum Industry Bill (PIB) pushed their case further yesterday at the Senate, with startling facts on the sector.

Senator Ita Enang (Akwa Ibom North East) described the opposition to the 10 per cent host community fund by mostly northern senators as “misplaced”.

Enang, who is also the Chairman, Senate Committee on Rules and Business, said that those opposed to the fund should know that over 83 per cent of oil blocks are owned by northerners.

But he did not give the number of oil blocks Nigeria has.

Senator David Mark, who seemed to have been shocked by what Enang said, said the Akwa Ibom lawmaker should not be distracted (some senators were grumbling) because he was making an important point.Mark asked Enang whether he could substantiate his claim.

Enang promptly pulled out a document from his folder and reeled out oil blocs and their owners.

He said he did not intend to divide the country but to guide those who wanted to contribute to the debate to be truly informed.

He listed northerners who own oil blocks to include Alhaji Mai Deribe, Borno State and owner of Cavendish Petroleum, which operates OML 110 with an average of about N4billion monthly.

He also listed Seplat/Platform Petroleum, operators of the ASUOKPU/UMUTU Marginal Field with Mallam (Prince) Sanusi Lamido, Kano , as a major shareholder and director.

South Atlantic Petroleum Limited (SAPETRO) established by General T. Y. Danjuma, Taraba State , who is also chairman of Eni Nigeria Limited.

SAPETRO partnered with Total Upstream Nigeria Limited (TUPNI) and Brasoil Oil Services Company Nigeria Limited to become operators of the OPL 246.

AMNI International Petroleum and Development Company is owned by Alhaji (Colonel) Sani Bello of Kontangora , Niger State.

“They are operators of OML 112 and OML 117,” he said.

He said that a former Petroleum Minister and former OPEC Chairman, Rilwanu Lukman, another northerner manages AMNI oil blocks “with very key interest in the NNPC/Vitol trading deal.”

He said that Oriental Energy Resources Limited, a company owned by Alhaji Indimi, runs three oil blocks – OML 115, the Oldwok field and the Ebok field.

He said that Alhaji Aminu Dantata’s Express Petroleum and Gas Limited, operates OML 108.

Enang said that OML 113 allocated to Yinka Folawiyo Petroleum Limited is owned by Alhaji W.I. Folawiyo. Alhaji Saleh Mohammed Gambo, North East Petroleum Limited, is the holder of the OPL 215 Licence.

North East Petroleum was awarded blocs OPL 276 and OPL 283 and closing thereupon a Joint Venture Agreement with Centrica Resources Nigeria Limited and CCC Oil and Gas.

He said that INTEL is owned by former Vice President Atiku, the late Gen. Shehu Musa Yar’Adua and Ado Bayero. It has substantial stakes in Nigeria ’s oil exploration industry both in Nigeria and Sao Tome and Principe .

He said that Mike Adenuga’s Conoil is the oldest indigenous oil exploration company with six blocks. OPL 291 was awarded to Starcrest Energy Nigeria Limited, owned by Emeka Offor, which was sold to Addax Petroleum.

Enang urged the Senate to cause the immediate revocation of all oil blocks licences and their redistribution, in accordance with the Federal Character Principle.

He said: “My submission is that when you look at the distribution of those who own oil blocks and the amount of money that comes from the different oil blocks to the Federation Account and you see the owners of these oil blocks, you will agree with me that there is inequity in the distribution of oil blocks.

“The oil is produced in the Niger Delta yet it is the people of the Northeast and the Northwest and a little of the Northcentral, almost nothing of the Southwest and the Southeast, that are the persons owning and controlling these oil blocks.

“Almost nothing for the Southsouth, Niger Delta oil producing areas.

“They are quarreling with the area that takes just 13 per cent when you are producing the entire 100 per cent, you give some to the Federation Account and they give only 13 per cent of what you give and, of course, it is whatever you declared that you have produced. It is actually produced by you.

“I did not want to introduce something that is divisive.

“It is not intended to divide the country, it is intended to say ‘look, let us be realistic’.

“What some of the oil wells and the owners of the oil wells produce in a month and take as profit is sometimes more than what two or three states receive from the Federation Account.”

Enang noted that “when a group of people are richer than a state and then it is produced by you, then there is so much opposition that even the people who suffer the effect of the oil production should not be give host communities’ fund; and we have explained that the host communities fund is not only for the oil producing; it is for any of the communities that hosts oil infrastructure, which includes oil pipelines, refineries, gas pipelines and anything that is capable of causing danger.”

“If we had the host communities fund, the danger that we have been having in Arepo in Ogun State, the area would have benefited from the host communities fund.”

Enag said that other areas, such as Kaduna and some other states, will benefit from it.

He went on: “If you are producing and declaring only what you like and only the 10 per cent now being provided for the host communities and the 13 per cent which is after deducting everything, that cannot be in the interest of the country.

“What I am asking now is that oil blocs in the whole country should be revoked and redistributed according to Federal Character Principle.

“We are not saying that we in the Southsouth should have all or the Southeast should have all or the Southwest should have all.

“In fact, if there are 18 oil blocs or 36 oil blocks, we don’t mind that you give us at least four, Northeast four, Southeast four, Northwest four.

“At least, let there be equity, but then there should be the principle of who owns it and then you give us more.

“But at this time, we don’t even have it. The 13 per cent is what we are even suffering to sustain.”

Senator Olufemi Lanlehin (Oyo South) praised the maturity of Senators in considering the bill.

He urged the Senate to look at the “absolute and sweeping powers” granted the President in Section 191 of the bill.

The Section, he said, gives the President absolute and unqualified powers to grant petroleum licences to whoever he pleases.

Lanlehin prayed the Senate to use the opportunity of the bill to design a template that would grow the economy.

Senator Adegbenga Kaka (Ogun East) said he was supporting the bill with mixed feelings.

He noted that the trend of the debate seemed to indicate that senators were more concerned about how to share the cake and not how to bake it.

Kaka said the power granted the minister of petroleum in the bill should be reconsidered “so that we don’t give too much power to the minister.”

The lawmaker who insisted that the bill should be finetuned, said certain percentage of earnings should be set aside to fix electricity, agriculture and other infrastructure.

Senator Mohammed Goje (Gombe Central) said before the debate, he was completely against the bill.

He said the trend of the debate showed that the Senate was poised to do justice to the bill by removing offensive sections.

To him, it seems a consensus is being built around certain sections of the bill.

He noted that most contributors agreed that the power of the minister should be reduced, such that the minister will just be like any other minister.

Goje said: “We should not create a super minister.”

He said that definite provision should be made for frontier exploration, especially adequate funding.

He opposed 10 per cent host community fund.

Senator Barnabas Gemade (Benue North East) described the bill as very important and long overdue.

Gemade said an adage says: “Wherever you find oil, corruption creeps in and wherever you find diamond war emerges.”

He said the adage had been proved to be true.

Gemade said the bill contained good and bad provisions. He listed the good sections to include development of the gas sector, increase in promotion of local content and the unbundling of the Nigeria National Petroleum Corporation (NNPC).

The bad sections, he said, include the minister’s economic power.

On the host community fund, Gemade said efforts should be made to ensure that it does not degenerate to very poor management of resources as it is, according to him, in the Niger Delta Development Commission, 13 per cent derivation and others.

On the frontier exploration, he said more effort should be geared towards discovering oil in other places.

Senator Akin Odunsi ( Ogun West) described the bill as the most important legislation before the National Assembly.

Odunsi noted that the bill becomes even more important when it is recognised that the country runs a mono economy based on oil.

The lawmaker cautioned against undue sentiment in the consideration of the bill.

He agreed that the bill was not perfect but posited that it could be fine-tuned to engender development.

Senator Abdulahi Adamu (Nasarawa West) said he was giving the bill “a reserved support”.

Adamu expressed worry about the absence of transparency and accountability in the oil sector.

He said the bill appears to contradict the Constitution (as amended), especially when it is recognised that oil and gas as well as other minerals are in the Exclusive List and under the control of the Federal Government.

The lawmaker cautioned about the unbundling of the NNPC in order not to put up the corporation for outright purchase by wealthy Nigerians.

On the host community fund, Adamu said the provision would create the fourth tier of government.

To Senator Gbenga Ashafa (Lagos East), the bill will be counter productive in its present form. He demanded the definition of host community.

Ashafa said pipelines burst at times not because of vandalisation but because of the integrity of the pipes.

Senator Ayogu Eze said his support for the bill stemmed from the realization that the oil sector should be reformed.

Eze highlighted issues of details in the bill, which, he said, should be addressed at the committee and public hearing levels.

It was obvious that most northern Senators were not comfortable with what Enang said.

Zombies be like the house of rep are full of ipod yoots!!

mssstttteeewwww!! somebody is looking for attention!! NEEEXXTTTT!!!