NATIONAL ASSEMBLY TODAY

In today’s plenary, our indefatigable Senator Stella Oduah, Co-Sponsored a motion which focused on the shaddy contracts in NNPC and the need for investigation. The motion is:

“THE LEGISLATIVE INVESTIGATION OF LOCAL CONTENT ELEMENTS AND COST VARIATIONS RELATING TO THE EGINA OIL FIELD AND OTHER RELATED PROJECTS

The motion x-rayed and exposed investigation of the committee in charge of the agency of Govt over Egina Oil Field project which began in 2008, with an approval of NAPIMS and DPR, all departments of NNPC.

The contract was expected to comply with the provisions of the Nigerian Oil and Gas Industry Content Development Act of 2010 by awarding required equivalent contracts to indigenous Nigerian companies.

The project was estimated at inception to cost USD6B but has undergone several cost variations that currently put its cost at over USD16.352Billion today.

The Senate, in its wisdom resolved to:

i.                    Carry out Public Hearing on this widely celebrated project

ii.                  Ensure that there are no future changes necessitating further variations of the project cost

iii.                Set up an Adhoc committee to investigate the contract

The investigation will expose the shady nature of the contract which will further expose the activities of IOCs which manipulate these contracts to favour their companies to the detriment of our economy which looses heavily yearly due to such contracts that short change Nigeria.  

This motion generated serious passionate call by all senators for a paradigm shift as it concerns these deals NNPC enter into on behalf Nigeria which engender heavy leakages that reduce our revenue stream yearly to the bare minimum

The Senate also received and passed the report of the committee that handled the Medium term Expenditure Framework MTEF.

They following recommendations were passed:

·         2.3mbpd was approved as oil production benchmark

·         $47.5 oil benchmark price was approved as against $45 presented by the executive

·         305/$ Exchange rate was approved as requested

·         N5.7T non oil revenue projection was approved

·         Borrowing of N1.6T to fund the budget was approved on the condition that our borrowing is project tied

·         Oversight MDAs to ensure effective wide spread representation

·         3.5% growth rate was approved

·         Insertion of clause in 2018 budget that makes it compulsory for the executive to report excess crude revenue above benchmark to the national assembly

The Senate also passed two bills for 2^nd reading. The Bills are:

i.                    A Bill for an Act to Provide for the establishment of the National Centre for Disease Control and Prevention (NCDC) and for matters connected therewith

ii.                  A Bill for an Act to amend the Nigerian National Petroleum Corporation (NNPC) Act CAP N123 LFN

iii.                A Bill for an Act to Authorise the issue from the Consolidated Revenue Fund of the Federation (Budget Appropriation Bill)

Finally the Senate passed three bills for First reading. The Bills are:

i.                    National Bio Safety Management Agency Act 2015(Amendment) Bill, 2017

ii.                  Medical and Dental Practitioners Act No.23 1988(Amendment) Bill, 2017

iii.                Chemical Weapon (Prohibition) Bill 2017

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