L
LequteMan
Guest
The Nigerian Senate yesterday in Abuja passed the Asset Management Corporation of Nigeria (Amendment) Bill 2015 after a clause-by-clause consideration of the Bill, Daily Independent reports.
The upper chamber of the National Assembly also passed the Oil and Gas Export Free Zones Authority (Amendment) Bill, 2015.
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.
“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”
#Nigeria #AMCON #Oil
The upper chamber of the National Assembly also passed the Oil and Gas Export Free Zones Authority (Amendment) Bill, 2015.
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.
“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”
#Nigeria #AMCON #Oil
