Senate Begins Final Work on Economic Recovery Bills Today

The Senate will this week inch towards passing half of its historic and the much needed economic reform package as six of the 11 priority economic growth and reform bills have been scheduled for public hearings between today and Thursday.

The legislation scheduled for public hearing today includes the National Development Bank of Nigeria Bill, which is intended to provide short, medium and long term financing to participating financial institutions for loans to small scale, medium and industrial enterprises in agro allied businesses, manufacturing, mining; and the National Road Fund Act to fund the rehabilitation and maintenance of the national road system.

Also, public hearing on the Federal Roads Authority Act, which is to manage the federal roads network so that it is safe and efficient, with a view towards meeting the socio-economic demands of the country; and the Customs and Excise Reform Act, which seeks to reform the administration and management of the Customs Service for greater accountability and revenue generation, will hold the same day.

Tomorrow, Land and Marine Transport Committee will hold public hearing on the National Transport Commission Act. The legislation establishes a National Transport Commission as an effective, independent and impartial authority in the transport sector.

On Wednesday and Thursday, the Committee on Upstream Petroleum will hold public hearings on the Petroleum Industry Governance Bill (PIB).

This long-awaited legislation will establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensures value addition and the internationalisation of the petroleum industry.

Procedurally, legislation is referred to the committee with the appropriate jurisdiction for it to hold public hearing after the bill has passed the first and second reading during the Senate plenary session.

Once the committee submits the public hearing report to the full Senate, the legislation is subject to a third reading, or final passage by members sitting at plenary as a committee of whole.

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