The Senate President, Bukola Saraki-led Senate, on Thursday, broke the 17 years jinx, by passing into law the age long Petroleum Industry Governance Bill, PIBG.
Recall that nine months ago, the Senate had mandated its relevant committees to work on the old copy of the PIB, which was divided into different compartments.
Saraki while commenting on the bill said “this is a Bill #PIGB that has been here for many years, we made a commitment and it’s being fulfilled.”
Continuing, Saraki said, “This Bill is not only for Nigerians but for our investors. We are proud of what has been done.”
The PIG bill was read the third time at the Senate’s plenary before it was passed.
The PIGB was passed after the Senate, in the Committee of the Whole, considered the Report of the Committee on Petroleum Upstream, Petroleum Downstream and Gas presented by Senator Donald Alasoadura.
Nigeria’s Petroleum Industry Bill, PIB, has always been identified as a comprehensive instrument for the oil sector development and diversification.
The content, in summary, pushes for a more inclusive development away from crude oil to other product lines and by-products and robust engagement between international oil companies, IOCs, and the government in the area of investment and modifications in the Joint Venture Partnerships, JVPs, cash call obligations.
The bill which consists of 132 clauses has taken time to come, having outlived the 5th to 7th Senate, making the Senate Saraki to describe its passage as “historical”.
According to available records when signed into law, the document is expected to stimulate Nigeria’s oil and gas sector. It is also expected to help Nigeria reduce corruption and inefficiency in the sector. It will create a conducive business environment for petroleum operations and enhance exploitation and exploration of petroleum resources in Nigeria for the benefit of Nigerians, optimize domestic gas supplies, especially for power generation and industrial development, encourage investment in Nigerian petroleum industry among others.
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