Reps pass PIB for second reading – Newstrends
Connect with us

Business

Reps pass PIB for second reading

Published

on

The House of Representatives on Tuesday passed for second reading the new Petroleum Industrial Bill (PIB), transmitted to it by President Muhammadu Buhari in September 2020.

The legislation entitled ‘A bill for an act to provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host community and for related matters, (HB.1061)’, amongst others is proposing the establishment of Nigerian Upstream Regulatory Commission to be responsible for the technical and commercial regulation of upstream petroleum operations.

The bill also seeks the commercialisation of the Nigerian National Petroleum Corporation (NNPC) to be incorporated under the Companies and Allied Matters Act by the Minister of Petroleum.

It will also lead to the replacement of the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA) with a new agency to be known as Nigerian Midstream and Downstream Regulatory Authority (NMDRA. This shall be responsible for the technical and commercial regulation of midstream and upstream petroleum operations in the industry.

Leader of the House, Hon. Alhassan Ado-Doguwa, called on the lawmakers to support the passage of the bill.

He said, ”Permit me to take the house down memory lane. This was a bill that began in the 6th assembly. Unfortunately, this bill has not been able to see the light of day. Whatever controversies surrounding the bill, the bill is now before us. It is my hope that members will look at this bill and ensure it is passed.”

Minority Leader, Hon. Ndudi Elumelu, said the bill’s passage was long overdue.

He said, “I rise to support this PIB. The bill is long overdue. The essence is to remove some uncertainties. The essence is to institutionalize the ease of doing business.

“If passed, the bill will institutionalise good governance and ease of doing business. It will attract investors if passed fast. Our four refineries are bad. That’s why we import from Niger when we are supposed to be giving to Niger. We should be giving Niger and not us importing from Niger. We need to pass this PIB as soon as possible.”

Deputy Minority Leader, Hon. Toby Okechukwu, said the bill, if passed, would cure the fact of Nigeria importing petroleum products from Niger Republic.

He said, “I am for it. If Nigeria has four refineries that are not functioning, if the PIB will cure it, I am for it. If the opportunity we had in the 70s, 80s will come back, I am for it. If we pass the Electoral Bill and also PIB, I will say that we have done a wonderful job. We should pay every attention to this bill. We should make sure that all the landmines that will come along the way should be jettisoned.”

Railway

NRC, APM Terminals seal Lagos-Ibadan cargo movement pact 

Published

on

L-R: Director of Operations, Nigerian Railway Corporation, Akin Osinowo; APMT CEO, Mr Frederik Klinke; MD, Nigerian Railway Corporation, Dr Kayode Opeifa, and the CCO, APMT Nigeria, Mrs Caroline Aubert-Adewuyi.

NRC, APM Terminals seal Lagos-Ibadan cargo movement pact 

 

The Nigerian Railway Corporation has concluded arrangement with the management of APM Terminals to commence the expansion of cargo movement from Apapa port, Lagos, to the NRC freight yard in Moniya, Ibadan, Oyo State.

This was disclosed after a meeting between the Managing Director of the NRC, Dr. Kayode Opeifa, and the APM Terminals team led by its CEO, Mr Frederik Klinke,

NRC Director of Operation, Mr Akin Osinowo, and CCO APM Terminals Nigeria, Mrs Caroline Aubert-Adewuyi, also attended the meeting.

Klinke highlighted the strategic advantage of Nigeria being surrounded by a number of landlocked neighbouring countries, creating an opportunity to serve as a hub for importation of containerized goods.

APMT assured NRC of greater efficiency in turnaround of cargo at the port and expansion of the use of rail for cargo evacuation and export through APM Terminals.

He reiterated APMT’s position as the foremost transporter of container freight in the country and a major partner to the NRC.

The MD of NRC expressed appreciation for APM Terminal’s close partnership with NRC for decades.

He stated that the collaboration would be of tremendous benefit to both parties.

“We are going to work for the satisfaction of not only the APMT but all customers who intend to do business with Railways.”

The MD said like he reiterated in his maiden speech at the assumption of office, “prioritizing customers’ satisfaction by improving customer experience and ensuring that our services are reliable, efficient, safe and sustainable” remain cardinal to him.

He added that all key stakeholders including the media, would be deployed extensively to encourage people towards greater use of the rail system.

This, he stressed, would invariably translate into drastically reducing the cost of goods and services.

It would also increase the Gross Domestic Product (GDP) by providing food security, which is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, he stated.

Continue Reading

Railway

Railway workers unions pledge to work with new MD Opeifa

Published

on

Railway workers unions pledge to work with new MD Opeifa

 

The two labour unions at the Nigerian Railway Corporation (NRC) say they are prepared to work with the new Managing Director of the corporation, Dr Kayode Opeifa, to achieve the mandate of President Bola Tinubu for the rail sector.

Leaders of the Nigeria Union of Railway workers (NUR) and Senior Staff Association (SSA) met with the NRC management in Lagos.

Opeifa, who disclosed this to newsmen on Wednesday, said the labour leaders passed the resolution after the meeting with the management on Monday, where all their grievances were tabled for discussion.

The MD described the maiden meeting with the workers’ leaders as “productive with mutual understanding of all issues raised”.

He stated that while some matters raised by the unions were assigned for further discussion at directorate level, others such as the medical personnel allowance, were instantly resolved.

He said, “The unions have reaffirmed their commitment to collaborate with the management and provide all necessary support to ensure that train services operate at maximum efficiency, contributing to the growth of rail services in Nigeria as well as reducing the prices of goods and services to achieve Mr. President’s mandate.”

Opeifa expressed happiness at the outcome, adding that with the workforce behind him, he could now begin to work at optimizing railway operations in the country.

He said the management was committed to the welfare of the workers and ensuring that their work as well as living conditions would be adequately catered for under his leadership.

The labour unions had during Opeifa’s resumption indicated their willingness to drop their agitation in deference to the new managing director who they described as a member of the human rights family.

National President of the NUR, Innocent Aji, lauded Opeifa for his frankness.

He appreciated the MD’s willingness to listen attentively to their grievances, adding that the union would hold tenaciously to the promises extracted from him during the meeting.

Corroborating the NUR president, his counterpart at the Senior Staff Association, Marcel Okeke, said their decision to rein in the workers was informed by the human rights pedigree of the new managing director, and his openness during the meeting.

According to Okeke, the union leaders were enamoured by the fact that the managing director was once a comrade, adding that they had no doubt that under him, railway workers would enjoy a new deal and a new lease of life.

They reached the truce just as Opeifa assured them that under him, the NRC management would continue to foster greater collaboration with the unions for the purpose of promoting industrial harmony.

Continue Reading

Business

Naira sustains gains, appreciates to N1,595/$

Published

on

Naira sustains gains, appreciates to N1,595/$

The Naira yesterday appreciated to N1,595 per dollar  in the parallel market from N1,610 per dollar on Monday.

Thus the Naira has recorded N45 week-on-week, WoW appreciation from N1,640 per dollar Tuesday last week.

Though  the Naira was stable at N1,499 per dollar in the official Nigerian   Foreign Exchange Market   (NFEM),    yesterday, it however recorded N27.3 WoW appreciation from N1,526.3 per dollar last Tuesday.

 

Consequently, the margin between the parallel market and NFEM rate narrowed to N96 per dollar from N113.7 per dollar Tuesday last week.

The Naira has been on the upward trend since Thursday January 23rd, when it appreciated to N1,665 per dollar in the parallel market from N1,670 per dollar on Wednesday January 22nd.

READ ALSO:

Similarly, the Naira in the official market appreciated   on Thursday January 23rd, to N1,548 per dollar from N1,553 per dollar on Wednesday January 22nd.

Since then, the Naira had gained   N75 and N54 in the parallel and official market respectively.

Currency traders attributed the upward trend of the Naira to   weak dollar demand occasioned by the Chinese New Year holiday.

Continue Reading

Trending