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{
    "id": 840582,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/840582/?format=api",
    "text_counter": 445,
    "type": "speech",
    "speaker_name": "Sen. Wetangula",
    "speaker_title": "",
    "speaker": {
        "id": 210,
        "legal_name": "Moses Masika Wetangula",
        "slug": "moses-wetangula"
    },
    "content": "Mr. Deputy Speaker, Sir, the people of Nigeria who have suffered under the hands of oil are called the Ogoni. Definitely, they are not an example of beneficiaries; it is very easy and clear. Mr. Deputy Speaker, Sir, it also does appear to me, from what have heard from my colleagues and casual reading through, that this Bill is being designed and presented to the Senate and the National Assembly to cure the Turkana problem. This is very myopic because there is oil coming up in Lamu, Garissa and other places. Will we engineer a new legislation to meet the challenges in every discovery? Listening to my colleagues from the Government side, it is like this is a negotiation between the Government and the Turkana people, and since the Turkana people agreed, this is a good law. This is very simplistic. We must pass a law for the country and posterity; a law that will govern and protect the interests of oil finding and management and generate oil for this country for generations to come. Mr. Deputy Speaker, Sir, I want to speak to the sovereign fund, because there is mention of the fund here without clear description. The sovereign fund that was set up in Norway was so well designed that it says that every single deposit in the sovereign fund matures in 50 years; you do not touch it. So, the deposits in the sovereign fund of Norway are maturing now. You do not put money in a sovereign fund and when your balances in the budget cannot work, you go and raid it and put in the budget. If that is the case, then it is not a sovereign fund that will help the country."
}