This follows the passage of the PIGB by the House of Representatives on Wednesday, January 17, 2018, same as the version passed by the Senate year.
The Speaker who said the new legislation will be transmitted to the President within the next few days explained that the parliament had to move on and pass its own version of the bill following failure of the executive to present a draft bill to the National Assembly.
In a statement issued by his special adviser on media and public affairs, Turaki Hassan, Speaker Dogara, described the passage of the PIGB, as historic and landmark achievement by the 8th National Assembly.
Speaker Dogara argued that with the passage of the long-awaited bill, the petroleum industry would witness drastic improvement as it will attract investors and open up the sector as the Nigerian National Petroleum Corporation (NNPC) would be unbundled with the creation of other bodies.
He, however, noted that work will still continue on other aspects of the petroleum industry by the National Assembly in accordance with the 8th Assembly's legislative agenda.
The Petroleum Industry Bill (PIB) was first introduced to the parliament by late President Umaru Musa Yar’Adua in 2008.
The House of Representatives had passed the PIGB at the twilight of its tenure in 2011.
The Bill was subsequently withdrawn by former President Goodluck Jonathan in 2010 and a revised version was re-transmitted to the National Assembly in mid-2012.