The joint chambers of the Nigeria’s National Assembly, Senate and House of Representatives, have passed the Petroleum Industry Bill (PIB) into law.
The bill was first passed at the House of Reps after the Committee of the Whole considered the clauses of the bill based on the recommendation of the Committee on PIB.
Mohammed Monguno, Chairman of the Ad Hoc Committee on Petroleum Industry Bill (PIB), presented a report and the lawmakers voted on 319 clauses of the bill.
Monguno said by passing the bill, the ninth house would have succeeded in enacting important legislation.
He added that the bill would make the oil and gas industry more transparent and competitive.
After the bill was passed, the Speaker, Femi Gbajabiamila, commended the lawmakers for “making Nigeria proud”.
At the Senate, the bill was passed after a clause by clause consideration of the report of its joint committee on Petroleum (Upstream, Downstream and Gas) on PIB.
The Senate’s passage of the bill, Thursday, came with the approval of three percent for host community trust fund as against five percent recommended by the Joint Committee of the National Assembly on Petroleum (Upstream and Downstream) and Gas in a report presented last week.
The percentage for the host community became contentious at plenary as the Senate reduced the percentage from five to three percent after a heated argument.
The Senate Leader, Senator Yahaya Abdullahi, thereafter moved a motion for the bill to be read the third time and was seconded by Senate Minority Leader, Senator Enyinnaya Abaribe after a clause by clause approval by the upper legislative chamber.
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Senate President Ahmad Lawan congratulated the lawmakers and said the Ninth National Assembly has achieved one of its fundamental legislative agenda.
