PIB passes 2nd reading in the House of Reps
A Bill for an Act to provide for legal, governance, regulatory and fiscal framework for the Nigeria Petroleum Industry, development of host communities and for related matter has passed Second Reading in the House of Representatives.
PIB passes 2nd reading in the House of Reps. [Twitter/@SpeakerGbaja]
Recommended articles
![Crocslake Business Pitch Marathon has unveiled plans to attempt breaking two Guinness World Records [The Eagle Online]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Crocslake Business Pitch Marathon has unveiled plans to attempt breaking two Guinness World Records [The Eagle Online]")
The Leader of the house, Rep. Ado Doguwa (APC-Kano) said that Nigeria had high gas deposit that was not being effectively utilised.
He said that if the PIB was passed into law, it would open up the sector, create jobs for the youths, women and men in the country.
Doguwa said that the bill, when passed, would also address the security challenges in the country as kidnapping, banditry and terrorism would become a thing of the past.
ADVERTISEMENT
The Minority Leader of the house, Rep. Ndudi Elumelu (PDP-Delta) said that the passage of the PIB was long overdue.
He said that the bill should be passed as soon as possible as the essence was to remove the uncertainty in the existing legal framework.
Elumelu said that some develop countries had set a time limit to transfer to green energy which would make crude oil almost useless.
The rep said that the bill would institutionalise and ensure ease of doing business in the sector and help Nigeria maximise the benefits therein.
Also, Rep. Mohammed Monguno (APC-Borno) said that the Nigerian National Petroleum Corporation (NNPC) as currently constituted had become a clog in the wheel of progress in the sector.
ADVERTISEMENT
Monguno, who is the Chief Whip of the house, said that the bill sought to unbundle the NNPC into smaller components to drive the sector in line with International best practices.
Rep. Henry Archibong (PDP-Archibong) recalled that the last reform bill passed in the sector drove some International Oil Companies (IOCs) from the country.
According to him, crude oil can now be found in many countries in Africa who are allegedly luring IOC to come and invest.
The lawmaker said that it was important to seek and take seriously, the views of IOCs operating in the sector before the bill was passed into law.
Also, Rep. Henry Nwawuba (PDP-Imo) urged the house to meticulously consider the bill before it was passed into law so as not to take the country back.
ADVERTISEMENT
He said that the PIB had spent 12 years in the National Assembly but had not been passed because of many interests.
The legislator however said that there was need to pass the bill as it would attract investments and would be of economic gains for Nigeria.
“Let us take advantage of oil and build programmers that would sustain us after oil is gone,” he said.
Nwauba said one of the reasons PIB was not passed in the 8th Assembly was because of late engagement with the Executive on the bill.
He urged that the Executive be carried along to prevent any issue of misunderstandings at the end of the process.
ADVERTISEMENT
Rep. Nkem Abonta (PDP-Abia) urged the house to be careful of “legislative mines” that could stall the passage of the bill.
In his ruling, the Speaker of the house, Rep. Femi Gbajabiamila referred the bill to the ad hoc committee on PIB for further legislative actions.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Immigration places wanted Yahaya Bello on watchlist, unveils his passport details
Oyo govt justifies demolition of Yoruba Nation agitators’ building
NAFDAC raids popular supermarket in Abuja for selling counterfeit products
Iranian morality police crack down on women who don't wear headscarves
FG sets up committee to compensate landowners affected by Lagos-Calabar road project
Kano Gov remains a bona fide member of our party - NNPP debunks suspension
We need ₦3.2trn to pay electricity subsidy in 2024 - FG
Tinubu's proactive approach to security threats yielding results, Ribadu claims
You will not walk alone - Gov Oyebanji assures late APC chairman’s family
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT
![Nigerians in diaspora are urged to be patriotic toward the nation [Jenny M.C.]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Nigerians in diaspora are urged to be patriotic toward the nation [Jenny M.C.]")