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Senate Lawmakers finally pass Petroleum Industry Governance Bill

The bill is the first part of the Petroleum Industry Bill (PIB) which has been stalled at the National Assembly since 2008.

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The Senate President, Dr. Bukola Saraki play

The Senate President, Dr. Bukola Saraki

(Premium Times)

The Nigerian Senate has finally passed the Petroleum Industry Governance Bill (PIGB).

The bill is the first part of the Petroleum Industry Bill (PIB) which has been stalled at the National Assembly since 2008.

The PIGB was passed on Thursday, May 25, after senators broke it into four parts and considered clauses in the bill.

The report on the bill was presented by Senator Donald Alasoadura on behalf of the Senate joint committee on gas, petroleum (downstream) and petroleum (upstream).

 

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

ALSO READNigeria loses $15bn for non-passage of PIB

The bill seeks to implement reforms that would encourage transparency in Nigeria’s oil and gas sector, while at the same time making it more business-oriented and profit-driven.

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