The Nigerian Senate successfully concluded the Second Reading of SB 237, A Bill for an Act to Provide for the Governance and Institutional Framework for the Petroleum Industry, or better known as the Petroleum Industry Bill, PIB.
In completing the 2nd reading and passing the bill to the committee for further review and a report, the Senate reaffirmed its commitment to make the PIB its highest legislative priority.
“We are going to work hard to make sure that we follow through on our plan to ensure that the reform of the petroleum sector is comprehensively achieved,” said Senate President Bukola Saraki said on Wednesday, November 2, 2016.
The Senate President went on to state “what we have done today is ensure we improve the enabling environment for the petroleum industry. We have moved forward an important piece of legislation that instills transparency and efficiency to truly internationalize this sector.”
The PIB has long been viewed as an economically important and eagerly awaited reform bill. Up until now, the bill has stalled at Second Reading stage in previous assemblies. This situation has led to national and international petroleum industry leaders urging successive Nigerian governments to pass modernisation reforms in order for the petroleum sector to truly flourish. Additionally, many of the industry’s governing laws and regulations are outdated and have indeed hindered the development of a more vibrant energy sector.
“There should be no doubt amongst Nigerians and the international community that we intend to pass the PIB. Through negotiation and dialogue, the Senate has successfully revived the most critical piece of legislation in the last decade. The enhanced governance and transparency provisions will ensure Nigerians see far more benefit from the oil and gas sectors than they ever have before.”
