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{
    "id": 788930,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/788930/?format=api",
    "text_counter": 184,
    "type": "speech",
    "speaker_name": "Hon. (Dr.) Nyikal",
    "speaker_title": "",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": "More important is how the proceeds of oil are utilised. There are countries where as they get richer because of oil, people actually get poorer, sometimes to the extent that they do not even get the oil itself to use. Those are issues we must look at. We must look at whether the proceeds of oil that we have will go into investment or go to conspicuous consumption and later on we find ourselves in a sorry state where we are a rich country with oil but we have not ventured into other areas that may support it, oil being a resource that can be exhausted. The Bill provides for all this. As we have all heard, Part II harmonises all the other laws that are in place. The Bill gives power to the Executive – particularly the Cabinet Secretary – to develop a policy and strategy of upstream development of oil. That is extremely very important. If we do not put in place a policy and strategy, with properly laid down plans for utilising the proceeds, it will do more harm to us than good."
}