Nigeria’s Senate Resume Work on PIB

Nigeria’s Senate Resume Work on PIB

Nigeria’s Petroleum Investment Bill (PIB) is making News once again, this time local media reports say the country’s senate is working to complete two major components to the PIB by the end of 2017.

The PIB saw initial approval last week in the second reading of a draft plan to overhaul the state oil industry, a procedural move that allows the bill to move forward.

In a statement Senate President Bukola Saraki reportedly said,

“For many years now the PIB has been stalled at different stages for one reason or the other.”

“At this point, the Senate is ready and willing to do everything that it takes to get Nigeria’s economy out of this recession — and the efficient and effective management of our oil resources is a key component of this.The part of the bill debated on Wednesday dealt with ‘a governance and institutional framework for the petroleum industry,”.

This speedy action on the Bill seems to confirm media reports of the Senate’s plan to ensure that this version of the PIB is passed before the end of the legislative sitting for 2016.

Oilandgaspress wishes them all the luck in the world. Its about time the PIB issues is settled once and for all.

The Petroleum Investment Bill (PIB) is an Act to establish the legal and regulatory framework, institutions and regulatory authorities for the Nigerian petroleum industry, to establish guidelines for the operation of the upstream and downstream sectors, and for purposes connected with the same as Nigeria seeks to restructure state oil firm NNPC.

Source: media

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