Leader of the Senate, Senator Michael Opeyemi Bamidele (APC Ekiti Central), has declared that the National Assembly would soon go after alleged saboteurs in the oil sector.
Bamidele who stated this in a personally signed new year message to Nigerians , listed consideration of the N49.7trillion 2025 budget, the Tax Reform Bills , amendment of the 1999 Constitution, etc, as items topping the legislative agenda of National Assembly in the new year.
Bamidele in the message titled: “Another Year of Limitless Opportunities”, said the National Assembly will dutifully sustain the drive of the President Bola Tinubu led government to deepen global best practice in the country’s petroleum industry.
“This is the rationale behind the Senate Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry.
“Considering the significance of the Committee, the National Assembly has initiated the process to constitute a joint committee of the Senate and House of Representatives to look more decisively and incisively into diverse issues spurring infraction and sabotage in the petroleum.
“We recognise that a number of unfinished tasks are currently pending before the two chambers of the National Assembly. But consistent with the principles of rational choice, we address each of these tasks in order of national priority or significance.
“Consequently, the new few weeks will be devoted to the scrutiny of the Appropriation Bill, 2025; Tax Reform Bills, 2024; investigation of economic sabotage in the petroleum industry, amendment of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and key economic reform initiatives that have been in the pipeline to open up Nigeria for real businesses that will throw up limitless opportunities,” he said.
He added that the constructive collaboration the National Assembly has been having with the executive since June 2023, is already yielding positive results and repositioning the Nation’s economy for the benefit of Nigeria and Nigerians.
He said: ” With the multi-tiered interventions by the Presidency and National Assembly, for instance, Dangote Refinery and Petrochemicals commenced operations within the 2024 fiscal year. Likewise, Port Harcourt Refining Company, Warri Refining & Petrochemicals Company are now back to operations after almost two decades of dysfunction.
“The operations of these refineries are a testament to the political will of the government of All Progressives Congress to reverse all negative trends that plague our economy and polity.
“Beyond the downstream petroleum sector, the National Assembly has leveraged its multi-tiered interventions in virtually all strategic sectors to reverse the regression that the country recorded at different times between 2011 and 2023.
“The approach has spurred steady growth in our gross domestic products all through 2024. It has sustainably translated to 2.98% growth in the first quarter; 3.19% in the second quarter; 3.46% in the third quarter and may be as high as 4% in the fourth quarter.
“Also, our debt-service-revenue ratio has shrunk from 97% in June 2023 to 65% in November 2024, and I believe the margin will further shrink in the new year we began on Wednesday.
“Each of these records is indeed a great leap forward, and our parliamentary agenda that emphasises strategic collaboration among government arms without prejudice to our constitutionally guaranteed independence has made it obviously attainable.
“All these outcomes simply means Nigeria is now out of the vicious cycle of fuel importation that cost her $600 million, which annually translates to $7.2 billion.
“It also means the operations of these refineries will significantly reduce undue pressure on the Naira; guarantee stability in the foreign exchange market and trigger an unprecedented crash of consumer price index, often used to measure inflation.”
