The passage of the PIGB, which is just a quarter of the four components of the Petroleum Industry Bill (PIB), followed the final consideration and adoption of the report of the Senate joint committee on petroleum (upstream, downstream and gas).
According to chairman of the committee, Senator Tayo Alasoadura (APC-Ondo) who presented the report at the plenary, the Senate had to split the PIB into parts for expeditious consideration and passage.
He said, ‘‘This was why the senate decided to consider the first part namely the ‘Petroleum Industry Governance Bill 2017’ first.
The other parts which shall arrive the Senate in due course include Bills on ‘Upstream Petroleum License andLease Administration’; ‘Downstream Oil and Gas Administration’; ‘Petroleum Fiscal’ and ‘Petroleum Revenue Management including Petroleum Host Community Fund (PHCF)”, he said.
After a clause-by-clause consideration, with few amendments, the Senate approved the bill to establish a legal framework for the creation of a more efficient, transparent, competitive and internationalized petroleum industry.
The Bill seeks to create a conducive business environment for the operations of the petroleum industry and overhaul the Nigerian National Petroleum Corporation (NNPC).
The bill, if eventually passed by the House of Representatives and signed by the president into law, will lead to unbundling and restructuring of the Nigeria National Petroleum Corporation (NNPC) and the Department for Petroleum Resources, DPR and also create new agencies with more responsibilities.
The new ones that will be established are the National Oil Company (NOC) and National Petroleum Assets Management Commission (NPAMC).
Credit: Leadership
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