Bukola Saraki, the Senate president said the legislature has adopted the Petroleum Industry Bill (PIB) as one of their legislative agenda.
According to him, the 8th Senate under his watch would pass the bill stimulate the country’s economy, Daily Trust reports.
Speaking at the inauguration of the Senate standing committees yesterday, November 23, he explained that the Senate was already working closely with the executive towards getting the bill passed quickly.
Saraki stated that past attempts to reform the industry through the PIB have not been successful for various reasons.
The Senate president added that they would begin consideration of the first set of bills on the Petroleum Industry reforms in a matter of weeks.
He therefore urged members of the Senate committees on petroleum to pay very close attention to the bills and treat them with dispatch.
The PIB was first introduced in 2008 following the submission of the report of the Rilwanu Lukman-led Oil and Gas Sector Reform Committee. It is intended to combine 16 different petroleum laws into a single document and provide a legal, fiscal and regulatory framework for the Nigerian petroleum industry, in such a way that increases the revenue from the sector to the country.
The latest public version of the PIB was sent by the Presidency to the National Assembly in July 2012. The immediate past House of Representatives “passed” it along with 45 other bills during their valedictory session in June 2015. This last minute “passing” of the bill was of little or no consequence, as the bill did not get the nod of the Senate before the 7th Assembly ended its tenure.
According to him, the 8th Senate under his watch would pass the bill stimulate the country’s economy, Daily Trust reports.
Speaking at the inauguration of the Senate standing committees yesterday, November 23, he explained that the Senate was already working closely with the executive towards getting the bill passed quickly.
Saraki stated that past attempts to reform the industry through the PIB have not been successful for various reasons.
The Senate president added that they would begin consideration of the first set of bills on the Petroleum Industry reforms in a matter of weeks.
The PIB was first introduced in 2008 following the submission of the report of the Rilwanu Lukman-led Oil and Gas Sector Reform Committee. It is intended to combine 16 different petroleum laws into a single document and provide a legal, fiscal and regulatory framework for the Nigerian petroleum industry, in such a way that increases the revenue from the sector to the country.
The latest public version of the PIB was sent by the Presidency to the National Assembly in July 2012. The immediate past House of Representatives “passed” it along with 45 other bills during their valedictory session in June 2015. This last minute “passing” of the bill was of little or no consequence, as the bill did not get the nod of the Senate before the 7th Assembly ended its tenure.
Title : Saraki Tells What Senate Plans To Do About The Petroleum Industry Bill
Description : Bukola Saraki, the Senate president said the legislature has adopted the Petroleum Industry Bill (PIB) as one of their legislative agenda. ...
Description : Bukola Saraki, the Senate president said the legislature has adopted the Petroleum Industry Bill (PIB) as one of their legislative agenda. ...
