Senate Passes AMCON, Oil And Gas Free Zones Bills | Independent Newspapers Limited
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Senate Passes AMCON, Oil And Gas Free Zones Bills

Posted: May 8, 2015 at 12:07 am   /   by   /   comments (0)

By Ignatius Okorocha, Abuja


The Senate on Thursday in Abuja passed the Asset Management Corporation of Nigeria (Amendment) Bill 2015 after a clause-by-clause consideration of the Bill.

The upper chamber of the National Assembly also passed the Oil and Gas Export Free Zones Authority (Amendment) Bill, 2015.

Mustapha Chike Obi, AMCON BOSS

Mustapha Chike Obi, AMCON BOSS

In his submission, sponsor of the Bill, Senator Odion Ugbesia, explained that the Oil and Gas EFZA Bill provides for the designation and establishment of oil free zones and sub-zones, which would ensure economically viable laws to act as catalysts for economic growth.

Ogbesia, while reacting to the passage of the bill, said that it would provide strong legislative background for the authority of the oil and gas industry to function properly and legally.

He said: “The main feature is that the appointment of the chairman of the board must be subjected to senate approval. The other feature is that tax holidays will be enjoyed fully by the operators of oil and gas in the industry because free zones all over the world observe tax holidays. This in itself provides the opportunity for free zones to contribute to the growth of the economy. It is to encourage industrial development in the country”.

He decried the fact that the oil and gas industry in the country had over the years not operated in line with global best practices.

In his remark, Deputy Senate President, Senator Ike Ekweremadu, who presided over plenary, said that the passage of the Bill was a major milestone in the quest to improve the nation’s oil and gas industry.

He commended the senators and other stakeholders for their efforts in ensuring the passage of the Bill.