Senate Passes PIGB Bill

The Senate has passed the Conference Committee Report on the Petroleum Industry Governance Bill.

The bill was passed during plenary on Wednesday after Chairman, Senate Committee on Petroleum Resources, Upstream, Omotayo Alasoadura, presented a conference committee report on the bill.

The Senate and House of Representatives had on 19 March harmonised the PIGB.

The two chambers of the national assembly set up the conference committee after the house of representatives passed theirs on January 17.

The bill, which seeks to unbundle the Nigerian National Petroleum Corporation (NNPC), is expected to be sent to President Muhammadu Buhari on Friday for his assent.

Speaking after the passage of the Conference Committee Report on the PIGB, Senate President Bukola Saraki commended his colleagues for the move.

“The challenge will and has always been on the need to get consensus on an issue as important as this one. Howeveer, today’s passage of this Conference Committee Report on the PIGB will also lay the foundation for other Bills that are coming,” Saraki said.

“We have once again shown investors both within and outside the country that this National Assembly is very responsible in the areas that have to do with the laws that govern our petroleum sector. I am sure that we will hopefully get the assent of Mr President and open a new page in Nigeria’s petroleum industry.