BREAKING: Reps pass13-year-old Petroleum Industry Bill into law
By Abisola THOMPSON
The House of Representatives has passed the Petroleum Industry Bill (PIB) into law.
The lawmakers passed the bill during a session presided over by the Deputy Speaker, Idris Wase, after consideration of the report of the ad hoc committee chaired by Mohammed Monguno
The PIB has been waiting to be passed into law since about 13 years ago when it was introduced to the National Assembly.
The PIB started as an omnibus bill and was later divided into 4 separate bills before emerging in 2020 as a consolidated bill.
Although certain obsolete aspects of the aforementioned Acts have been amended, their inadequacies are evident, contributing to the development of the Petroleum Industry Bill which was first presented to the National Assembly in 2008.
The Bill, which is intended as a complete overhaul of the Nigerian oil and gas sector, seeks to, among others, ensure an increased level of transparency and accountability in the sector by strengthening the governing institutions to attract investment capital through changes to the governance, administrative, regulatory and fiscal framework of the Nigerian oil and gas industry.
