Nigerian Senate

The Nigerian Senate has finally passed the Petroleum Industry Bill (PIB) during plenary on Thursday after 17 long years of wait.

The Petroleum Industry Bill (PIB) has finally been passed into law by the Nigerian Senate as Petroleum Industry Governance Bill (PIGB). The Petroleum Industry Bill was passed on Thursday May 25 during the Senate plenary.

The has passed through 5  sessions of the National Assembly, it was inaugurated by President Olusegun Obasanjo from the 4th Assembly.

The bill did not get a passage during the 7th assembly under the leadership of David Mark as it was hit with so many controversies and a clause which triggered its rejection at the point of passage.

On the other hand, after the submission of reports by the Joint Committee on Gas: Petroleum (Upstream) and Petroleum (Downstream) chaired by Sen. Tayo Alasoadura was the passage of the bill made by the 8th Assembly.

Notwithstanding, the PIB was reviewed clause-by-clause and few amendments were made adopted before the Senate passed it into law. The bill is believed to change the way business is carried out in the Nigerian petroleum sector.

PIB will bring an eminent change in the sector has it will facilitate transparency and accountability for revenue generated from petroleum resources. The sector will be open to growth and better business opportunity with the passage of the bill.

More agencies will be created and a proper restructuring of  Nigeria National Petroleum Cooperation and Department for Petroleum Resources will be witnessed when the presidential assent is given on the bill.

Nigeria’s Senate President Bukola Saraki, reacted in a congratulatory message to members of the Senate after a smooth passage.

“I congratulate the 8th Senate with the passage of this landmark bill which has not been passed for many years,” he said.

It could be recalled that amongst other things the Senate President Bukola Saraki promised to deliver the PIB and also enact favourably laws for operation of business in Nigeria.

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