PIB awaiting Buhari's assent - Saraki

Image result for Petroleum Industry Governance Bills

Image result for Petroleum Industry Governance Bills

According to him, when enacted, PIGB will deregulate and liberalize the downstream petroleum sector, create a conducive business environment for petroleum operations, enhance exploitation and exploration of petroleum resources in Nigeria for the benefit of Nigerians and encourage investment in Nigerian petroleum industry. "We have harmonised everything and formed the National Assembly Joint Committee on PIB", Alhassan Ado Doguwa, a key PIB lawmaker in the House of Representatives, told reporters in the capital Abuja.

The Senate had in May previous year passed the bill which has been dragging for over a decade.

The House of Representatives, yesterday, passed the Petroleum Industry Governance Bill, PIGB, which provides for the governance and institutional framework for the petroleum industry and for other related matters, after third reading.

The speaker for the House of Representatives Yakubu Dogara said later on Thursday that "the new legislation will be transmitted to the President within the next few days".

With the bill is signed into law, two new companies, Nigeria Petroleum Assets Management Company and National Petroleum Company, would be established with certain assets and liabilities of Nigerian National Petroleum Corporation, NNPC, while the National Petroleum Company, for instance, would operate as a full independent commercial entity.

Nigeria moved closer to turning the first part of a long-awaited oil industry bill into law after the lower house passed the same version of the legislation approved by the Senate previous year, a lawmaker in the House of Representatives said on Thursday.

In a statement issued by his special adviser on Media & Public Affairs, Mr. Turaki Hassan, Dogara described the passage of the PIGB, as historic and landmark achievement by the 8th National Assembly after it was first introduced to the parliament by late President Umaru Musa Yaradua in 2008.

The speaker, however, noted that work would still continue on other aspects of the petroleum industry by the National Assembly in accordance with the 8th Assembly's Legislative Agenda.

"The PIGB will also promote openness and transparency in the industry - by clarifying the rules, processes, and procedures that govern the oil and gas sector".

Also on his Facebook, Saraki said the PIGB would address the perennial scarcity of fuel in the country, once it became law. The National Assembly Joint Committee is working on two more bills as part of the PIB.

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