Senate Makes History, Passes Petroleum Industry Governance Bill

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The Senate on Thursday made history after it passed the Petroleum Industry Governance Bill (PIGB), which seeks to reform the nation’s oil and gas industry.

The PIGB is the first of four bills that replaced the well-known Petroleum Industry Bill, which suffered setbacks in two consecutive legislative tenures.

The report on the bill, produced by the Senate joint committee on gas, petroleum (downstream) and petroleum (upstream), was presented on Thursday by Donald Alasoadura, APC-Ondo.

After a clause-by-clause consideration, with few amendments, the Senate approved the bill, moving a step closer to making its ambitious contents law.

Amongst other objectives, the petroleum bill seeks to introduce reforms that would engender transparency, while at the same time making the oil and gas sector more business-oriented and profit-drive.

According to Senate President, Bukola Saraki, who presided over the plenary on Thursday, the lawmakers had broken a 17-year-old jinx after passing the bill.

“I congratulate the 8th Senate with the passage of this landmark bill which has not been passed for many years,” the senate president said.

Meanwhile, plenary has been adjourned to Tuesday, 30th May, 2017.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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