The joint committee of both the Senate and House of Representatives on the Petroleum Industry Bill has concluded deliberations on the Petroleum Industry Bill (PIB) and about to conclude on writing the report.
This disclosure was made by the Senate President, Ahmed Lawan, at the opening session of the 2021 Nigeria International Petroleum Summit in Abuja, adding that the report will be submitted to both Chambers of the National Assembly for passage before the end of June.
According to him, the National Assembly had taken steps, including rigorous consultations, to adequately address the concerns of stakeholders concerning the bill, noting that neither the solo effort of the executive nor the solo effort of the legislature could deliver the PIB in the past.
He further applauded the speed and commitment the National Assembly has demonstrated on the Petroleum Industry Bill (PIB), noting that the non-passage of the Petroleum Industry Bill (PIB) had dragged on for about 20 years, despite stakeholders’ views that the bill would positively transform the oil and gas sector in Nigeria.
Speaking at the event, the Speaker of the House of Representatives, Femi Gbajabiamila, stated that the National Assembly would uphold national interest, while considering other competing interests, so as to strike a very delicate balance in Nigeria’s Oil and Gas sector.
He explained that the National Assembly is expected to encourage businesses whether foreign, local or community based and also to look for a balancing Act, when competing interests try to elbow each other out.
Speaker Gbajabiamila further assured stakeholders in the Oil and Gas sector that the Petroleum Industry Bill, as presently conceived, would meet the greater expectation of the industry and was not intended to drive anyone out of business.