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Petroleum Industry Bill is passed by the National Assembly

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By Audrey Lotechukwu

THUR 01 JULY, 2021-theGBJournal-The Nigerian Senate and the House of Representatives Thursday passed the much awaited Petroleum Industry Bill (PIB) after considering and adopting the Bill’s 318 clauses.

The Passed Bill was sent to both Chambers last September by President Muhammad Buhari.

In June, both Ahmed Lawan, the Senate President, spoke extensively on the challenges and bottlenecks that confronted the passage of the Bill since it was first presented 13 years ago and both promised the Bill will passed as quickly as possible.

‘’The Challenge to write a Petroleum Industry Bill (PIB) that will be acceptable and appealing to the array of special interest groups in the oil and gas sector has tested the country’s leadership for two decades. Administrations over the period have to achieve three apparently unifying objectives. The Bill must cater for local, international and community based interests.

Achieving the three objectives was not possible and the approach taken to write an acceptable Bill then did not offer the unifying qualities it required, ’’ Lawan said while addressing dignitaries gathered for the 4th Nigeria International Petroleum Summit at International Conference Centre, Abuja.

Femi Gbajabiamila spoke at length on the need to carry the interest of the various stakeholders along as well as the role of the legislature in providing the framework for the growth of the oil and gas sector.

‘’We are expected to encourage everyone-foreign or local or community based interests. Amidst competing interests our role is to look for a balancing act bearing in mind that the most important interest, for us is the national interest and it is that national interest that we have, that we will look at while considering other competing interests to strike what I think is a very delicate balance for this industry.

Industry watchers theGBJournal spoke are unanimous in belief that this could be the much needed tonic to truly completely deregulate the petroleum industry.

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