Kunle Adelabu
-Sets agenda for 10th Assembly
A former member of the 9th Senate who represented the Lagos East Senatorial District, Sen. Mikhail Adetokunbo Abiru, FCA, has commended the outgone Senate for exceeding all expectations in the last four years that its session lasted.
Abiru, who stated that the Senate passed historic bills that are addressing critical areas of the economy, also added that the National Assembly under the session succeeded in the passage of the bills to ensure the much needed reform in the petroleum sector which has been able to see the light of the day in the last 20 years.
In his remarks at the valedictory session of the Senate on Saturday, the banker turned Senator who has been re – elected for a second term, also listed many firsts achieved by the Senate, and beat his chest that the members of the Red Chamber of the National Assembly, have delivered on their representation and legislative duties to their constituents and the nation at large.
“We came here as the representatives of our people and faced difficulties and challenging times, but are all leaving with our heads held high because I make bold to say that we as a Senate, and the National Assembly as an institution, have succeeded in carrying out our responsibilities”, the distinguished Senator Abiru said proudly.
“As this 9th Senate comes to an end today (Saturday), I can say again without any form of equivocation, that we have met and exceeded all expectations, both of ourselves, constituents and the Nigerian public.
“The pieces of legislation we passed in some critical sectors and areas affecting the daily lives of our people, will remain a benchmark for future Assemblies.
“We collaborated, worked harmoniously together across party lines, in spite of our differences, to break many barriers and succeeded with many firsts”.
Abiru listed some of the historic bills and legislations by the 9th Senate and National Assembly, which included restoration of the national annual budget from January to December cycle; Finance Act which provides the support base for an effective implementation of the Appropriation Act; the Act on the reform of the petroleum sector and CAMA 2020 Act among many others.
“These firsts include the restoration of the national annual budget from January to December cycle which has made the nation’s fiscal plans more predictable and boosted the confidence of local and foreign investors in our economy”, he said.
“There is yet another innovation that has been entrenched in the country’s financial system by the Ninth Assembly. This has to do with the practice of approving the Finance Bill side by side the Appropriation Bill.
“The Finance Act provides the support base for an effective implementation of the Appropriation Act through some major reforms in fiscal policies of the government.
“For twenty years, the National Assembly had attempted reforming the petroleum industry without much success. The 9th Assembly prioritized the Bill in its legislative agenda and worked closely with the Executive to secure passage and assent.
“This historic achievement of the National Assembly means that Nigeria now has legal, governance, regulatory and fiscal frameworks for the petroleum industry that would promote optimal utilization of the country’s abundant oil and gas resources”, Abiru explained.
“The CAMA 2020 Act, which represents a landmark achievement in the 9th Senate, is also remarkable because it represents the first time in thirty years that this law has been updated.
“The Act introduces measures to ensure efficiency in the registration and regulation of corporate vehicles, reduce the compliance burden of small and medium enterprises (SMEs), enhance transparency and stakeholders’ engagement in corporate vehicles and, overall, promote a more friendly business climate.
“This 9th Senate also passed the Finance Act (2020) successfully amended 17 key aspects of the extant laws, including seven existing tax laws. The FA 2020, which came into effect from 1 January 2021, compliments the 2021 Federal Government’s Budget of Economic Recovery and Resilience”, he said.
Other Bills that are now Acts and are impacting, as listed by Sen. Abiru are: Nigeria Startup Act, 2022, Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Act 2019 and Electoral Act of 2022 among others.
The outgone Senator charged the 10th Assembly to focus on bills that will ensure reform of the public service, ineffective fiscal and monetary policies, palliatives to assuage peoples suffering over the removal of subsidy among others.
“The 10th Assembly should also look closely at enacting high impact legislations that will address the challenges being faced by an over bloated public service, inconsistent and ineffective fiscal and monetary policies, the subsidy regime and appropriate palliatives, blockage of leakages in revenue, management of our huge deficit, as well as creating better enabling environment for youth empowerment, the growth of MSMEs and the utilization and deployment of digital skills for wealth creation”, he charged.
Speaking on his own contributions to the legislative achievements in the 9th Assembly, Abiru said:
“I am particularly grateful for the overwhelming support of my colleagues for my Copyright bill and my motion on the urgent need for the rehabilitation of the Ikorodu-Sagamu and Ikorodu-Itokin – Epe roads, to further bridge the infrastructural gap and enhance economic growth in Nigeria”.
“While the Copyright bill, which has been signed into law, repealed the Copyright Act Cap. C28, LFN 2004 and enact the Copyright Act, 2021, to provide a holistic review of the policy and legal framework for the effective regulation, protection and administration of copyright in Nigeria in line with global best practices, the motion on the urgent need for the rehabilitation of the Ikorodu-Sagamu and Ikorodu-Itokin-Epe roads, has led to the provision of further funding for both projects, while significant work is ongoing on both roads. For these, we are eternally grateful”, he said.
