After so many years, both chambers of the National Assembly have passed the Petroleum Industry Bill into law.
The bill was passed into law after clauses of the bill were considered based on the recommendation of the Committee on PIB at the House of Representatives.
The House Adhoc Committee on the PIB, chairman, Rep. Mohammed Tahir Mongunu moved for the consideration of the motion at about 1.00pm on Thursday July 1.
He presented a report in which he said the bill would make the oil and gas industry more transparent and competitive.
“That the House do consider the Report of the Ahoc Committee on Petroleum Industry Bill on an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerlan Petroleum Industry, the Development of Host Communities; and for Related Matters, 2021 (HB. 1061) and approve the Recommendations therein.”
Members of the House then voted on 319 clauses of the bill. After the bill was passed, Speaker of the House of Representatives Femi Gbajabiamila commended the lawmakers for “making Nigeria proud”.
Meanwhile, 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.
President of the Senate, Ahmad Lawan congratulated the lawmakers and said the Ninth National Assembly has achieved one of its fundamental legislative agenda