By Ndubuisi Micheal Obineme
The Nigerian Senate President, Ahmad Lawan has said that the Petroleum Industry Bill (PIB), will be passed this month of June 2021.
The Senate President made this known at the fourth edition of the Nigeria International Petroleum Summit (NIPS), in Abuja.
He further explained that the Bill would have been passed in May, however, there was a need to update the legislative framework to further encourage foreign investments and development in the Nigerian oil and gas industry.
He added: “The National Assembly was cautious to accommodate inputs from a wide range of the Petroleum industry stakeholders.
“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 will 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 that the PIB is one essential and probably the most essential legislation that needs to be passed as this is going to change the entire economic scope of Nigeria.
“There’ll be more resources, foreign direct investment flowing into the country and more certainty that is essential that you can come to Nigeria and invest in the oil industry because there’s a legal framework that regulates the entire environment”
The Nigerian Petroleum Industry Bill, PIB, which has been 20 years in making when passed, will attract investment in the petroleum industry while optimizing revenues accruing to the Government.
The Bill also seeks to ensure that transparency is achieved in the administration of the petroleum sector and Nigerian content is promoted through an efficient and effective regulatory framework.