Economy

Saraki hails approval of PIGB by House of Reps

Saraki hails approval of PIGB by House of Reps

The upper legislative chamber broke the bill into four parts to allow easier passage.

Dogara said in Abuja that the National Assembly had to initiate its own version of the PIGB after it waited in vain for the executive to forward the bill to the legislature.

We are pleased that the passage is in line with overarching recommendations made by CISLAC during an engagement with the House's Ad hoc Committee on PIGB in October 2017 with subsequent commitments by the Committee to get it passed-along with other outstanding PIG Bills, before the end of their tenure.

This means that other controversial aspects such as host community rights, access to oil blocks, taxes, royalties and the role of multi-national bodies have yet to be passed by the National Assembly.

A statement by Dogara's media aide, Mr. Turaki Hassan, on Thursday, said the speaker described the passage of the PIGB as "a landmark achievement by the 8th National Assembly after it was first introduced to the parliament by the late President Umaru Yar'Adua in 2008".

The PIGB aims to establish the Nigerian petroleum regulatory commission as a one-stop regulator that will be responsible for licensing, monitoring, supervising petroleum operations, as well as enforcing industry laws, regulations and standards.

It is the first time both houses have approved the same version of the bill.

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Speaking at Thursday plenary, Saraki also emphasized that the PIGB will help to address the perennial scarcity of fuel in the country, once it becomes law.

Meanwhile, Senate President Bukola Saraki says the passage of the PIGB will resolve the issues that led to petrol scarcity.

"Yesterday, after almost two decades of back-and-forth, near-misses and near-passages, the 8th national assembly finally reached a milestone with the passage of the Petroleum Industry Governance Bill - otherwise known as PIGB".

While we welcome and applaud the passage, we find such development worthy of commendation as it will to appreciable extent promote transparency, accountability and governance, as well as curtail monumental financial losses in our nation's oil and gas sector.

The bill has significantly reduced the powers of the President and the Minister of Petroleum Resources in exercising control over the oil and gas sector.

Nigeria moved closer to turning the first part of a long-awaited oil industry bill into law after the lower house passed the same version of the legislation approved by the Senate past year, a lawmaker in the House of Representatives said on Thursday.

"Many people people did not give us any chance when we promised to pass the PIB".


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