Minister of State for Petroleum Resources, Chief Timipre Sylva has assured that the long expected Petroleum Industry Bill (PIB) currently before the National Assembly will be passed in the next few weeks.
He stressed that the long-awaited bill, when passed into law and assented to by President Muhammadu Buhari, would go a long way in bringing the desired efficiency in the oil and gas sector in the country.
Sylva gave the assurance in Abuja on Sunday, June 27, while fielding questions from journalists saying, the PIB would be the foundation of the continued growth of the oil and gas industry, and regretted that the passage was delayed for many years.
His words: “I am very optimistic that the PIB will be passed very soon. I have always thanked and commended the National Assembly for their commitment as well.
“I have seen a lot of commitment from the National Assembly; they have gone on retreat because of this and just yesterday, we also engaged and they are very much on the Petroleum Industry Bill.
“From all the engagements that we have had with stakeholders, I believe that the PIB will be passed within a matter of weeks, if not next week, it will be weeks after.
“But definitely, you can see a clear line of sight to the end of the journey as far as the PIB is concerned”.
The PIB, which was first presented at the National Assembly in 2008, when passed into law, will regulate the entire oil and gas industry, ensure an increased level of transparency and accountability by strengthening governing institutions to attract investments in the industry.
It will be recalled that the PIB had passed all the stages and public hearing at the National Assembly and a committee was set up to finalise the findings on the bill.