Nigeria’s parliament on Thursday passed the Petroleum Industry Bill (PIB) after considering and adopting the report of its committee.
In the Senate, the PIB was passed with three per cent for Host Communities Trust Fund despite concerted efforts by lawmakers from the South-South region to get five percent for the host Communities which didn’t sail through.
In the House of Representatives the bill was passed after Mohammed Monguno, Chairman of the ad-hoc committee on Petroleum Industry Bill (PIB), presented a report with the lawmakers voting on 319 clauses of the bill.
According to Monguno the ninth House of Representatives by passing the bill have succeeded in enacting an important legislation that seeks to bring governance issues in the oil and gas sector in tandem with the international best practices.
Passage of the bill according to the lawmaker, will make the oil and gas industry more transparent and competitive.
Speaker of the House, Femi Gbajabiamila praised his colleagues for the record passage of the bill, describing the feat as significant in the history of the parliament and one that has made Nigeria proud.
By Abel Ejikeme