Senate Passes Petroleum Industry Governance Bill
The Senate on Thursday, broke the 17 years jinx, passing into law the Petroleum Industry Governance Bill (PIGB) to ensure accountability, transparency and also create enabling environment in the petroleum sector.
The upper legislative chamber passed the bill after the senators considered clauses in the bill.
It is expected to promote investment in the petroleum sector and ensure that every investor, both Nigerians and foreigners are guaranteed a level playing field that is well monitored based on laid down rules.
The bill, which has not been passed since 2008, was broken into four parts to allow easier passage.
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.
Senate President, Bukola Saraki while commenting on the bill said “this is a Bill 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".
“I hope with this bill, the oil and gas industry will see a new form of investment, we will plug all the loopholes and reduce the corruption and inefficiency.”