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{
    "id": 595344,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/595344/?format=api",
    "text_counter": 346,
    "type": "speech",
    "speaker_name": "Hon. Musimba",
    "speaker_title": "",
    "speaker": {
        "id": 1804,
        "legal_name": "Patrick Mweu Musimba",
        "slug": "patrick-mweu-musimba"
    },
    "content": "Thank you, Hon. Deputy Speaker for this opportunity to contribute to this very important Bill; the Petroleum (Exploration, Development and Production) Bill (National Assembly Bill No. 44 of 2015). As we pass, or seek to pass, this Bill, we are we find ourselves at very great time in this Republic. I wish the House does not get into what we call a “tunnel vision scenario”. We need to understand the quantum of what we are talking about. Currently, Kenya has discovered 8 billion barrels of oil. At the current standing of USD50 a barrel, we are talking about in excess of USD400 billion which, when roughly translated into Kenya Shillings, it is in excess of Kshs40 trillion. That translates to 20 years of our current consumption; passing our budget at roughly Kshs2 trillion a year. It represents forty years of revenue collection. When you look at this Bill in its current form, it vests all the negotiation powers in the Cabinet Secretary (CS). We see the challenges we are already grappling with as a nation, in simply passing, or dealing with, budgets of Kshs2 trillion. Therefore, it is important for this House to take its time and review the preamble of this Bill by asking “Are we going to put it under the people’s representatives, the Articles of our Constitution? Specifically Article 206 under which my hope is that the Sovereign Fund that is being talked about within the Bill will be founded?” More importantly, this Fund should operate under this House and not the Executive, because of overriding issues. We have a history and challenges of governance that concern this The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}