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Wednesday, June 19, 2024

Petroleum Industry Bill Passed Into Law After 17 Years [UPDATED]

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Petroleum Governance Industry Bill (PIB), a legal Regulatory framework has been passed into law seventeen years after.

Briefing the press, after plenary on Thursday, joint Committee Chairman on Petroleum Resources, Senator Donald Alasoadura while outlining the synopsis explained that the industry could move forward from this level.

He also posited that an aspect that deals with host communities which has been in the works would be passed anytime soon.

“We also want to state that the bill which has been broken into components as explained by the Senate President, Dr Bukola Saraki made it possible for the passage today”, he said.

Revealing that: the host communities bill is also ongoing,” he added.

Senator Kabiru Marafa on his part described the passage as a miracle, noting that the bill itself was so complex. He added that he was aware of how the sixth and seventh Assembly tried to pass the bill to no avail.

Senator Albert Bassey Akpan, Chairman Senate Committee on Gas resources noted that the jinx has been broken in Petroleum Industry.

He said, the law would further support the reform that was ongoing at the Nigeria National Petroleum Corporation.


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