“Thursday, after nearly two decades of back-and-forth, near-misses and 'near-passages', the 8th National Assembly finally reached a milestone with the passage of the Petroleum Industry Governance Bill — otherwise known as PIGB. This is historic."

The Senate President, Bukola Saraki said this while reacting to the passage of the Petroleum Industry Governance Bill, PIGB, by the House of Representatives on Wednesday.

He made this statement while speaking in a video message posted on his Facebook page, where he also stressed that the PIGB will help to address the perennial scarcity of fuel in the country, once it becomes law.

While describing the bill as a historic one, Saraki said he hopes that when it becomes law, the bill will create a conducive business environment for the petroleum industry.

A statement from his media office read, “Many of you will recall that in May 2017, the Senate took the first step in this direction, and yesterday, the House of Representatives did the same by passing this Bill that is aimed at modernizing the Petroleum Industry and overhauling the entire system – to create a conducive business environment for petroleum industry operations.

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“The PIGB will also promote openness and transparency in the industry — by clarifying the rules, processes, and procedures that govern the oil and gas sector. This should eliminate, or at worse, reduce corruption significantly and make the sector more efficient and more productive.

“Most important, with the ongoing fuel scarcity in many parts of the country, Nigerians should know that the PIGB, once it becomes law, will help alleviate those issues that lead to scarcity, such as: the limited supply of Premium Motor Spirit (PMS); the poor import planning schedule that leads to fuel importation constraints; the corruption, diversion and smuggling — that leads to artificial scarcity; and the absence of deregulation in the sector."

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