National Assembly has passed the Petroleum Industry Bill (PIB).
Gatekeepers News reports that the Nigerian Senate and House of Representatives have both passed the Petroleum Industry Bill (PIB) on Thursday.
At the Upper Chamber, Senate President Ahmed Lawan stated that the bill has the input of both the executive and legislative arms of government.
The Senate passed the PIB during the plenary after careful consideration of each of the clauses.
Before passing the bill, the red chamber met the Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari behind closed doors.
Lawan added the Senate expects President Buhari to sign the bill as soon as it is transmitted.
The Senate then adjourned till July 6, 2021.
The Lower Chamber (House of Representatives) on the other hand passed the long-awaited PIB after considering and adopting the bill’s 318 clauses.
The Speaker of the House of Representatives, Femi Gbajabiamila on Thursday, said the electoral act amendment bill will be passed in the coming weeks.
The Green Chamber’s decision follows the consideration of the bill by the Senate.
The passage of the bill which was first presented to the National Assembly in 2008, comes exactly 13 years after.
President Muhammadu Buhari presented the PIB to the National Assembly for reconsideration on 28 September 2020.
The Bill seeks to introduce changes to the governance, regulatory, administrative, and fiscal framework of the Nigerian oil and gas industry, to ensure transparency, strengthen the governing institutions, and attract capital investors.
