The Nigerian Senate on Thursday finally passed the long-waited Petroleum Industry Bill (PIB) after a 17 year deliberation.
The bill was passed as the Petroleum Industry Governance Bill (PIGB).
The 7th Senate headed by Sen. David Mark had tried to pass the bill, but was dropped at the point of passage due to rejection and controversies arising from certain clauses.
The bill’s report was submitted on Thursday by the Senate joint committee on gas, petroleum (upstream) and petroleum (downstream) chaired by Sen. Donald Tayo Alasoadura.
After a clause-by-clause consideration, with few amendments, the Senate approved the bill which would revamp business operations in the petroleum industry.
Some of the objectives of this bill include making Nigeria’s oil sector become more transparent and more business driven.
The bill would restructure Nigeria National Petroleum Cooperation, Department for Petroleum Resources and also create new agencies like the National Oil Company if it is passed by lower chamber and gets the president’s assent.
Senate President, Bukola Saraki commended his colleagues saying,
“I congratulate the 8th Senate with the passage of this landmark bill which has not been passed for many years,” he said.
Recall that Nigeria’s 8th Senate during during its inauguration had promised to pass the bill.