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Presidency gives reasons why Buhari declined assent to PIGB
THE Presidency on Thursday informed that President Muhammadu Buhari declined to assent to the Petroleum Industry Governance Bill (PIGB) for several reasons, including some provisions being in divergence with present administration’s policy.
The Senior Special Assistant to the President on National Assembly Matters (Senate), Sen. Ita Enang, revealed this in a statement in Abuja.
He highlighted that reasons for the decline were that “the provision of the Bill permitting the Petroleum Regulatory Commission to retain as much as 10 per cent of the revenue generated, unduly increases funds accruing to Petroleum Regulatory Commission.
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“This is to the detriment of the revenue available to the Federal, States, Federal Capital Territory and local governments in the country.
“Also, expanding the scope of Petroleum Equalisation Fund and some provisions in divergence to this administration’s policy and conflicting provisions on independent petroleum equalisation fund is another reason.
“Furthermore, there are some legislative drafting concerns which, if assented to in the form presented, will create ambiguity and conflict in interpretation,’’
Enang noted that it had become necessary to set the records straight on Buhari’s non-assent to the Bill in view of alleged misleading reports in the media.
He said “Buhari did communicate decline of assent to the Petroleum Industry Governance Bill, 2018 for constitutional and legal reasons.
“By convention, it is inappropriate to speak on the content of Executive communication addressed to the legislature until same has been read on the floor in plenary.
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“But I plead for the understanding of the legislature that due to misrepresentations in public domain and apparent deliberate blackmail, which if not promptly addressed, may set the executive and the legislature against the public, this is excused.
“It may even extend to the international investment community.
“None of the reasons for withholding assent by the president adduced by the media is true.
“May this please, answer some of the issues raised until the communication is read on the floor”, he continued.
Former Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has extended warm felicitations to Barrister Sarafadeen Ali, the Senator representing Oyo South Senatorial district, on the occasion of his 61st birthday.
In a statement released on Saturday in Ibadan, the Oyo state capital, on Saturday, Akande lauded the lawmaker, describing him as a luminary whose life has been marked by distinguished service to the nation.
“Today, I join the world in celebrating you on your special day, as you mark 61 years of God’s abundant love and glorious impact on humanity,” the former NCC gaffer expressed.
He added, “I wish you many more years of God’s grace in your life.”
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
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