Senate passes Petroleum Industry Bill after 17 years

Posted by Mayowa Okekale, Abuja | 25 May 2017 | 1,571 times

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•The Senate during plenary.

The 8th Nigerian Senate made history on Thursday when it finally passed the Petroleum Industry and Governance Bill (PIGB), which was originated some 17 years ago – barely a year after the country returned to democratic rule in 1999.

The Bill was passed after the clause by clause review by the lawmakers. This followed a report of the Committee on Petroleum Upstream, Petroleum Downstream and Gas 2017 (SB. 237) laid during plenary by Senator Donald Alasoadura.

Senate President Bukola Saraki, speaking on the development, said: “This is a Bill that has been here for many years, but we made a commitment and it is being fulfilled.”

Saraki added that “The Bill is not only for Nigerians but also for our investors and we are proud of what has been done.”

Senator Jibrin Barau commended the Committee on the PIG Bill and said it is centered on tackling corruption in the Nigerian National Petroleum Corporation (NNPC).

Senator Dino Melaye, while congratulating the 8th Senate on the achievement, maintained that “this is the least controversial Bill.”

Earlier, President of the Senate, Bukola Saraki, read a letter from the Acting President, Prof. Yemi Osinbajo, for the consideration of the 2016-2018 External Borrowing Plan for the Development Bank of Nigeria and Fund for Agricultural Bank of Nigeria.

Source: News Express

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