The Senate have broke the 17 years jinx by passing into law
the age long Petroleum Industry Governance Bill.
Senate President, Bukola Saraki while commenting on the bill
said “this is a Bill #PIGB that has been here for many years, we made a
commitment and it’s being fulfilled.” Continuing, Saraki said, “this Bill is
not only for Nigerians but for our investors. We are proud of what has been
done.” The PIG bill was read the third time at the Senate’s plenary before it
was passed. The PIGB was passed after the Senate, in the Committee of the
Whole, considered the Report of the Committee on Petroleum Upstream, Petroleum
Downstream and Gas presented by Senator Donald Alasoadura. Nigeria’s Petroleum
Industry Bill (PIB) has always been identified as a comprehensive instrument
for the oil sector development and diversification. The content, in summary,
pushes for a more inclusive development away from crude oil to other product
lines and by-products and robust engagement between international oil companies
(IOCs) and the government in the area of investment and modifications in the
Joint Venture Partnerships (JVPs)/cash call obligations. It also advocates the
activation and extension of indigenous participation and local content
development, just and fair engagement of the oil producing communities and
transparency/accountability in the industry.
Source:www.vanguardngr.com
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