The President of the Senate, Dr. Bukola Saraki, speaking at the Nigeria Oil and Gas Industry Research and Development Fair and Conference 2017 organised by the Nigerian Content Development and Monitoring Board, said the upper chamber of the National Assembly is working to ensure the completion of the passage of the Petroleum Industry Bill in the fourth quarter of this year, The Punch reports.
Saraki said the PIB was split into four parts – Petroleum Industry Governance Bill, Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host Community Bill – to fast-track its passage into law. The Senate, on May 25, 2015, passed the PIGB, which seeks to unbundle the Nigerian National Petroleum Corporation and merged its subsidiaries into an entity.
He noted that the Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host Community Bill had all gone through second reading. “We expect the report from the committees in no distant time and hope to pass the bills into law within the next quarter,” Saraki added. The PIB, which has been in the works since 2008 when it was first introduced to the legislature, suffered setbacks in the 6th and 7th National Assembly.