National assembly passes Petroleum Industry Bill

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National assembly passes Petroleum Industry Bill

The Petroleum Industry Bill has been passed by the Senate and House of Representatives.

At the House of Representatives, the bill was passed after clauses of the bill were considered based on the recommendation of the Committee on PIB.

Chairman of the House Adhoc Committee on the PIB, Rep. Mohammed Tahir Mongunu moved for the consideration of the motion at about 1.00pm on Thursday July 1. He presented a report, saying the bill would make the oil and gas industry more transparent and competitive.

Mongunu said;

“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.”

Lawmakers in the lower chamber of the national assembly 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”.

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 the lawmakers and said the Ninth National Assembly has achieved one of its fundamental legislative agenda.