The 10th Senate of the Federal Republic of Nigeria, which will be inaugurated on Tuesday, June 13th, 2023, has been tasked with prioritizing bills that will improve revenue generation for the country.
Dr. Ahmed Lawan the outgoing Senate President, made this point while delivering his remarks at the valedictory session of the 9th Senate.
He commended his colleagues who worked tirelessly to pass significant bills that were signed into law.
The Senate President called for an innovative, dynamic, and proactive approach from the 10th Senate, to support Nigeria’s quest to diversify its revenue sources.
Some of them include the Petroleum Industry Act 2021, Company and Allied Matters Act 2020, Nigeria Electricity Act 2022, Chartered Institute of Directors Act, Amended 2022 Electoral Act, Deep Offshore and Inland Basin Production Sharing Contract Act 2019 amongst others.
In total over 200 bills were passed by the 9th Senate of the Federal Republic of Nigeria.
Senator Ali Ndume of Borno South Senatorial District decried the fact that only 25% of the members of the 9th Senate will be returning to the 10th Senate.
He noted that the required experience in Senate procedures will be minimal and noted that most of the new Senators, will be resuming without handover notes.
According to the Central Bank of Nigeria, the oil revenue crash in the country led to a significant 22.8% increase in deficit spending in February, 2023 to the tune of N513.05bn.
