29 September 2014, Lagos – Senate President David Mark, has said the Petroleum Industry Bill (PIB) will be passed very soon by the Upper House.
He allayed oil firms’ fears on the bill, adding that the country simply adopted what is obtainable in other countries with similar circumstances.
Mark spoke in Lagos at a forum oragnised by Lagos Chamber of Commerce and Industry (LCCI) on Credible democratic transition and the economy.
He dismissed insinuations that the oil majors might relocate to other countries as no serious business could take that decision in a competitive environment.
Mark said what the country hasd done was what every responsible government should do to protect its economy from harmful practices to avoid losers and gainers.
He said: “We are irrevocably committed to passing the PIB before the termination of our legislative tenure. In addition, we will also legislate to ensure the diversification of the economy from a mono product economy to a robust one. “The power sector is another important sector that we are working on, though generation has improved, there is a need to work on the distribution with adequate legislation.”
The Senate president further said the National Assembly was working on amending the bill on double taxation, adding that the fact that businesses were not paying taxes did not make it right for them to be double-taxed.
Meanwhile, the United Nations Industrial Development Organisation (UNIDO) Country Representative, Mr. Patrick Kormawa, said the agency had come up with a $350 million master plan on stable crops development and another N250 million for Small and Medium Scale (SMEs) operators that are into refrigerant.
– The Nation