13 years after, National Assembly passes Petroleum Industry Bill

After 13 years of first presentation to the National Assembly in 2008, the two chambers of the federal legislature on Thursday passed the Petroleum Industry Bill (PIB).

In the Senate, the leaders of the Upper chamber of the National Assembly, held a closed door consultative meeting with the Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, before the bill was finally passed during plenary.

After failures to pass the bill since  2008, President Muhammadu Buhari presented the PIB to the National Assembly for reconsideration on 28 September 2020,.

The PIB modifies the governance, administrative, regulatory, and fiscal framework of the Nigerian oil and gas industry, to guarantee transparency, strengthen the governing institutions, and attract investment capital, among other objectives.

The Senate, thereafter, adjourned to July 6, 2021.

The House of Representatives also passed the Petroleum Industry Bill (PIB) on Thursday after adopting the 318 clauses in the bill.

Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, disclosed the passage of the PIB, promising that the electoral act amendment bill will be passed in the coming weeks.

Both chambers of the National Assembly anticipated President Buhari to give speedy accent to the PIB.