The National Assembly has said it will only pass the Petroleum Industry Bill if details of the document are clearly understood.
President of the Senate, Ahmad Lawan, stated this on Monday at a meeting between the leadership of the National Assembly and Minister of State, Petroleum Resources, Timipre Sylva, and Group Managing Director of the Nigeria National Petroleum Corporation, Melee Kyari.
Lawan appealed to the Petroleum Minister and his delegation to thoroughly explain the provisions of the PIB to the National Assembly leadership so they can understand the document for quality legislation.
The Senate President noted that the lawmakers will upon resumption on Tuesday commence work on the PIB which was sent to the National Assembly a fortnight ago by the Executive.
He said the bill which has evaded assent for many years will properly regulate the oil industry and attract more investments.
On his part, Speaker of the House of Representatives, Femi Gbajabiamila, assured that with proper understanding and collaboration, the PIB will be passed by the 9th National Assembly.
He however stated that the lawmakers will not sacrifice thoroughness on the alter of speed as they intend to do a good job that will be in the interest of Nigerians.
Briefing the lawmakers on the content of the bill, the Minister of State, Petroleum Resources, Timipre Silva, warned that if forecasts by industry experts are anything to go by, the PIB could become almost obsolete, stressing that the days of crude were almost over.
The meeting however entered a private session as journalists were excused.