Buhari To Receive Petroleum Industry Governance Bill This Month
There is strong indication that long delayed Petroleum Industry Governance Bill, PIGB will be sent to President Muhammad Buhari latest by the end of this month, to be signed into law.
The PIGB is the first part of a larger piece of legislation, known as the Petroleum Industry Bill, PIB, to pass through parliament.
The PIB, debated for over a decade, had to be broken up into sections to help it pass into law more easily.
In January, House of Representatives passed a version of the PIGB which was the same as one approved by the Senate last year - the first time both houses have approved the same version of the bill.
It now needs President Buhari’s signature to become law.
“Hopefully, by the end of the month, the National Assembly will transmit it to the president for assent,” said Senator Tayo Alasoadura, who chairs the Senate’s committee on upstream petroleum.
The PIGB would create four new entities whose powers would include the ability to conduct bid rounds, award exploration licences and make recommendations to the oil minister on upstream licences.
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