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Monday, May 11, 2015
The Nigerian senate passed the Oil and Gas Free Zones (Amendment) Bill and the Asset Management Corporation of Nigeria Bill.The first bill is titled, the free zone bill seeks to provide a view for the designation and establishment of oil and gas free zones and sub zones, as well as hasten economic growth in the West African country.
OdionUgbesia, representing Edo Central senatorial district, sponsored the bill saying oil is the major source of income in Nigeria so there is a need to create a legal framework for it to function properly.He also said the passage of the bill will encourage industrial development in the country.
“The bill is to bring the operation of free zone to international standard,” Ugbesia said. “The main feature is that the appointment of the chairman of the board must be subjected to senate approval.The other feature is that the tax holiday should be enjoyed fully by the operators of oil and gas in the industry.Free zones all over the world observe tax holidays that means you don’t pay tax. With this bill, we should do business without paying tax whatsoever because that is the incentive that operators in such zones enjoy and this is to encourage them.
“This in self provides the opportunity for free zones to contribute to the growth of the economy.”
Ugbesia said that Nigeria’s current free zones are not operating the way they should but the bill will aid in making things better.
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