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Senate passes Petroleum Industry Bill

The Senate has passed the long-awaited Petroleum Industry Bill, PIB.
This followed approval of recommendations of the report of the Senate Joint Committee on Petroleum, (Downstream,) Petroleum (Upstream) and Gas at plenary on Thursday.
Presenting the report, Chairman of the committee, Mohammmed Sabo (APC-Jigawa), said the bill consisted of five distinct and logically connected chapters.
Sabo listed the chapters to include governance and institutions, administration, host communities development, petroleum industry fiscal framework and miscellaneous provisions, comprising 319 clauses and eight schedules.
He said the committee carried out its assignment effectively and conducted a public hearing to collate inputs from critical stakeholders and the Nigerian people.
Sabo said the committee reviewed the bill and all the memoranda submitted by stakeholders during the public hearing adding that the committee also embarked on on-the-spot assessments of impacted oil exploration communities.
This, he said was to critically examine issues raised by Senators during the second reading of the bill and consulted widely on the justifications for passing the bill into Law.
Sabo said the bill when passed into law “will strengthen accountability and transparency of Nigerian National Petroleum Corporation(NNPC) Ltd as a full-fledged CAMA company under statutory and regulatory oversight with better returns to its shareholders and the Nigerian People’’.
On the Frontier Basins, he said the committee’s recommendation recognised the need for the country to explore and develop the country’s frontier basins.
This, he said was to take advantage of the foreseeable threats to the funding of fossil fuel projects across the world due to speedy shift from fossil fuel-to other alternative energy sources.
“To this end, the committee recommends funding mechanism of 30 per cent of NNPC Ltd profit oil and profit gas as in the production sharing, profit sharing, and risk service contracts to fund exploration of frontier basins,” Sabo said.
On host communities’ development, he said` `to ensure adequate development of the host communities and reduction in the cost of production, the Joint Committee recommends five per cent of the actual annual operating expenditure of the preceding financial year in the upstream petroleum operations affecting the host communities for funding of the Host Communities Trust Fund”.
According to him, in the past 10 years, the country has only attracted less than five per cent of the over 100 billion dollars capital investment inflow into Africa’s oil and gas industry.
He added that all stakeholders were in total support of the passage of the bill as there was no dissenting voice opposing its passage.
He described the bill as laudable and commendable saying that its passage would bring the long awaited change in the oil and gas industry.
However, Ahmed Baba Kaita (APC-Kastina) moved a motion for the reduction of funding of host community trust fund to 3 per cent as against the 5 per cent earlier recommended by the committee.
The motion which was adopted, resulted to dissenting views by senators James Manager(PDP-Delta),Bassey Akpan(PDP-Cross-River), George Sekibo(PDP-Rivers) among others.
Sekibo, having cited order 17 of the Senate rule called for division to contest the decision to reduce funding of host community trust fund to 3 per cent.
However, Leader of the Senate, Abdullahi Yahaya (APC- Kebbi) said the call for division was not in the interest of the Senate and the nation, describing the situation as heading for “Armageddon.”
He called for a withdrawal of the call for a division in the Senate, saying that the senate in its two years of existence had worked in a peaceful and a bipartisan manner.
Manager urged the Senate to increase the funding for host community trust fund given the economic contributions of the people of Niger-Delta over the years.
According to him, no amount is too small for the people of the region.
President of Senate, Ahmad Lawan, prevailed on George Sekibo to rescind his earlier call for division.
“The Senate expects President Muhammadu Buhari to assent to the PIB after harmonisation with the House of Representatives,” he said.
Our correspondent report that the bill was the first in a series of long awaited petroleum industry laws designed to reform the Nigerian oil and gas industry.
The PIB is an omnibus law, meant to regulate the entire sphere of the industry and repeal all current existing oil and gas legislation.
It struggled to see the light of day in spite of its introduction to the National Assembly over 16 years ago.
NAN
Headlines
China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).
The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.
Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.
The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.
Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.
Headlines
Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.
Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.
“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”
He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.
Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.
In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”
He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.
Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.
Headlines
Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.
Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.
“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”
The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.
Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.
“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.
The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.
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