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Business Nigeria Senate Will Pass PIB Very Soon - David Mark



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While speaking at a forum in Lagos on credible governance, Senate President, Senator David Mark has said the Petroleum Industry Bill (PIB) will be passed very soon by the Upper House.

“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.

He allayed oil firms’ fears on the bill, adding that the country simply adopted what every responsible government should do to protect its economy from harmful practices to avoid losers and gainers.

He dismissed insinuations that the oil majors might relocate to other countries as no serious business could take that decision in a competitive environment.

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.

“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.” he added.

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