The speedy passage of the amendment to the Deep Offshore and Inland Basin Production Sharing Contract by the National Assembly is clear evidence of a worthy and encouraging national development-focused collaboration between the legislative and executive arms of government.
Commending the new rapprochement between the two arms of government, the Buhari Media Organisation (BMO) said this is a most welcome development that will have a salutary effect on governance, to the ultimate benefit of Nigerians.
In a statement signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, BMO stated that the commitment to national development by the 9th National Assembly, through active collaboration with the President Muhammadu Buhari-led executive, is a sure indicator of a new understanding of ‘one-government’.
“This indicates a progressive situation where the legislative arm considers itself an active part of one government with the executive, even as the legislative arm conducts its constitutional responsibility of executive oversight without let or hindrance.”
The group noted the patriotic zeal being exhibited by the 9th National Assembly compared to its predecessor, and this Assembly’s refusal to play needless and unhelpful politics with serious matters concerning national development.
“The urgency with which the legislature took on the amendment to the PSC once it was brought forward by the President, was a radical departure from the manner and pattern witnessed during the life of the 8th Assembly which turned legislative business to playing cheap and fruitless politics.”
BMO recalled that the amendment to the PSC had been due since 2001 when price of crude oil had sustained over the Contract’s 20 dollars benchmark, but for unexplained reasons, different governments in place since then refused to effect the amendment.
“Even when President Buhari forwarded the PSC amendment bill to the 8th National Assembly, the leadership simply killed it by refusing to attend to it.
“Generally, the impression is now being established that we have moved from a topsy-turvy democracy where one arm of government, as in the last legislature, made executive-trashing the major plank of its relationship with the executive.
“Now, the 9th Assembly is showing us that both the executive and legislative arms can have shared goals, work together, and push forward a national agenda that aims for the national good, even while maintaining their constitutional responsibilities.
“There are no two governments in place. It is just one government. The ideals of separation of powers and checks and balances are meant to prevent the excesses of any one arm, and not meant for one arm of government to hamstring the other. The principles can co-exist with progress. This is what is evident here,” BMO asserted.
In expectation of the fiscal benefits to the national economy, BMO referenced the fact that the Attorney General of the Federation, Abubakar Malami, had already declared that the backlog of commission on profit accrued to Nigeria is about $62 billion with immediate annual earnings stated at more than N400 billion.
“With the amendment to the Production Sharing Contract, Nigeria stands to gain over 400 Billion Naira in 2020 as projected earnings from this amendment when it is eventually assented to by President Buhari. This, for us, would be a welcome critical additional income to government’s coffers and will help in mitigating current revenue generation challenges.
“Besides, this expected fiscal earning is certain to be prudently applied to national needs by the President Buhari administration which has established a reputation for spending money earned, to the last kobo, for the well-being and welfare and betterment of the people,” the statement added.