The Senate has passed the Petroleum Industry Bill known as PIB.
The bill was passed during the plenary on Thursday after careful consideration of each of the clauses.
The Senate before passing the bill met behind closed doors with the Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC),
The passage of the bill comes exactly 13 years after it was first presented to the National Assembly in 2008.
On 28 September 2020, President Muhammadu Buhari presented the PIB to the National Assembly forced reconsideration.
The Bill seeks to introduce changes to the governance, administrative, regulatory, and fiscal framework of the Nigerian oil and gas industry, in order to ensure transparency, strengthen the governing institutions, and attract investment capital, among other objectives.
Senate President Ahmed Lawan said the Senate expects President Buhari to sign the bill as soon as it is transmitted.
He added that the bill got the input of both the executive and legislative arms of government.
The Senate then adjourned till July 6, 2021
Meanwhile, the House of Representatives on Thursday finally adopted the report of the House Committee on Petroleum Industry Bill, otherwise known as PIB despite rumblings from the opposition.
The consideration of PIB by the House of Representatives however took a dramatic twist as lawmakers were denied the opportunity to make contribution or debate it.
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