By Agbenu Oyale, Abuja
The Senate and the House of Representatives on Thursday passed the Petroleum Industry Bill(PIB).
At the Senate, the bill was passed during the plenary on Thursday after careful consideration of each of the clauses.
The Senate before passing the bill met behind closed doors with the Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari.
The passage of the bill comes exactly 13 years after it was first presented to the National Assembly in 2008.
On 28 September 2020, President Muhammadu Buhari presented the PIB to the National Assembly for reconsideration.
The Bill seeks to introduce changes to the governance, administrative, regulatory, and fiscal framework of the Nigerian oil and gas industry, in order to ensure transparency, strengthen the governing institutions, and attract investment capital, among other objectives.
Senate President Ahmed Lawan said the Senate expects President Buhari to sign the bill as soon as it is transmitted.
He added that the bill got the input of both the executive and legislative arms of government.
The Senate then adjourned till July 6, 2021.
Meanwhile, the House of Representatives also passed the bill after considering and adopting the bill’s 318 clauses.
Speaker of the House of Representatives, Femi Gbajabiamila said the electoral act amendment bill will be passed in the coming weeks.
The House’s decision comes as the Senate began considering the bill after committee work earlier on Thursday.
President Muhammadu Buhari sent the bill to the National Assembly in September last year.
The bill aims to modernise the petroleum industry and attract more investors into the sector.