By Nneka Nwogwugwu
The Senate President, Ahmad Lawan has said that the Petroleum Industry Bill (PIB) would be passed into law this month.
He made this known at the fourth edition of the Nigeria International Petroleum Summit (NIPS), in Abuja.
Lawan informed that the National Assembly was to pass the PIB in May, however there was need to put in place a legislative framework to further encourage foreign investments and development in the industry.
He said: “At the moment, I think they (joint committee of the two chambers of the national assembly on PIB) are about to start writing the report, which they will lay before the two chambers of the national assembly, probably by the middle of next month which is June”.
“It is our determination, plan and design that we would be able to pass the PIB by the end of June. But we are determined to pass this PIB by the end of June” he said.
NatureNews reports that the Petroleum Industry Bill (PIB or “the Bill”), was first presented to the National Assembly in 2008.
Over 10 years later, the Bill is yet to be enacted, leading to increased uncertainty and hindering the flow of the desired investments to the Nigerian oil and gas sector.
On 28 September 2020, the President presented the PIB to the National Assembly for consideration.
The Bill seeks to introduce pertinent 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.