National Assembly Pass Petroleum Industry Bill
The Senate and House of Representatives have passed the much awaited Petroleum Industry Bill (PIB).
The bill was first passed at the house of reps after the Committee of the Whole considered the clauses of the bill based on the recommendation of the Committee on PIB.
Mohammed Monguno, chairman of the ad hoc committee on Petroleum Industry Bill (PIB), presented a report and the lawmakers voted on 319 clauses of the bill.
The bill passed the third reading on Thursday after Mohammed Monguno, chairman of the ad hoc committee on Petroleum Industry Bill (PIB), presented a report and the lawmakers voted on 319 clauses of the bill.
Before the clauses of the bill were considered, Monguno said the ninth House of Representatives would have succeeded in enacting important legislation by passing the bill.
He said the bill seeks to bring governance issues in the oil and gas sector in tandem with the international best practices
Monguno said by passing the bill, the ninth house would have succeeded in enacting important legislation.
He added that the bill would make the oil and gas industry more transparent and competitive.
After the lawmakers approved the bill clauses, the speaker, Femi Gbajabiamila commended his colleagues for their commitment in passing the bill.
He said the lower legislative chamber has made Nigeria proud.
PIB passage happened 24 hours after the House of Representatives received the report on the bill.
At the senate, the bill was passed after a clause by clause consideration of the report of its joint committee on Petroleum (Upstream, Downstream and Gas) on PIB.
Senate President Ahmad Lawan congratulated his fellow lawmakers and said that the National Assembly has achieved one of its fundamental legislative agenda.