Nigeria’s House of Representatives passed the much-awaited Petroleum Industry Bill (PIB), which is expected to bring a turn around for the oil and gas sector of the economy.
The passage followed the consideration and adoption of the report of the committee on the house.
The reps dissolved into the Committee of the Whole and considered the clauses of the bill as recommended by the Committee on PIB.
The Speaker, Femi Gbajabiamila, hailed the lawmakers for the record passage of the bill, describing it as significant in the history of the parliament.
The piece of legislation from the Executive is about 20 years old in the National Assembly, first presented under the administration of President Olusegun Obasanjo.
Previous attempts to pass the bill into law by the former Assemblies hit the bricks due to variegated interests from high and might.
Section 240, subsection 2 of the bill that prescribes 2.5 percent equity for the host communities was amended to provide for 5 percent.
Moving the motion earlier for the consideration of the report, the Chairman of the Adhoc Committee on PIB, Mohammed Mongunu said by passing the bill into law, the House would have written its name in gold.
“We need to pass this bill so that our name will be written in gold. By passing this bill, the seeks to bring governance issues in the oil industry in tandem with the international best practice. It will unbundle NNPC so that NNPC will be NNPC limited and metamorphose into a limited liability company.
“The bill seeks to create a commission in the oil and gas industry for the purpose of bringing governance in a transparent manner with a viewing to making Nigerian oil gas industry competitive and attract more investments.
The Bill requires the concurrent of the Senate and the signing into law by the president for it to become legal.