August 29, 2018 11.53PM / Sen. Ita Enang
By Presidential communication of July 29, 2018 (one month ago) addressed to the Senate and House of Representatives, Mr. president did communicate the decline of assent to the Petroleum Industry Governance Bill, 2018 (PIGB) for constitutional and legal reasons stated therein.
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. But i plead for the understanding of the legislature that due to the misrepresentations in the public domain and apparent deliberate blackmail which if not promptly addressed may set both the executive and the legislature against the public and even the international investment community, this be excused.
None of the reasons for withholding Assent by Mr. President adduced by the media is true.
In deference to the National Assembly I please state very limited of the rationale communicated to the legislature, to wit:
a) That the provision of the Bill permitting the Petroleum Regulatory commission to retain as much as 10% of the revenue generated unduly increases the funds accruing to the Petroleum Regulatory commission to the detriment of the revenue available to the Federal, States, Federal capital Territory and Local governments in the country.
b) Expanding the scope of Petroleum equalisation fund and some provisions in divergence from this administration's policy and indeed conflicting provisions on independent petroleum equalisation fund.
c) Some legislative drafting concerns which, if Assented to in the form presented will create ambiguity and conflict in interpretation.
Other issues therein contained.
May this please answer some of the issues raised until the communication is read on the floor.
Senator ITA ENANG is the Presidential liaison to the National Assembly-Senate and can be contacted by email via: email@example.com. He issued this press release yesterday evening.