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SENATE President Ahmad Lawan has said the National Assembly will carry out meticulous work on the Petroleum Industry Bill (PIB) currently before it and the House of Representatives.
Lawan spoke on Tuesday after a Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Petroleum Industry, the Development of Host Communities, passed second reading on the floor of the Senate.
The Senate President described the PIB as one of the legacies to be left behind by the Ninth National Assembly.
He assured Nigerians that the piece of legislation would be subject to thorough scrutiny by the National Assembly.
According to him, the Bill will be tailored to provide the needed legal framework for the petroleum industry in Nigeria, as well as guarantee a win-win situation for the country and investors.
“Let the PIB be one of our legacies, and because this time, we have adopted a different approach as a result of our experiences in the past. It is looking possible that this Bill will be passed after serious scrutiny and consideration of the National Assembly’s chambers. And the President will sign the Bill into an Act. So, let’s make it a part of our legacy as the Ninth Senate.
“I want to take this opportunity to call on investors across the world that this National Assembly is determined to go all the way, and we have the credentials to prove that, to pass this Bill.
“Therefore, there is in the horizon, a legal framework that would regulate the Petroleum Industry in Nigeria. And, like all of us here have said during our various interventions, we are not going to be selfish as a country. There must be investment first before we get any meaningful revenues.”
Also, the Senate on Tuesday adjourned plenary till November 24.
Lawan made the announcement at the end of plenary.
The Senate on Tuesday considered and passed the Petroleum Industry Bill (PIB), 2020, for the second reading.
This followed the consideration of a Bill titled: “A Bill for an Act to provide legal, governance, regulatory, and fiscal framework for the Nigerian Petroleum Industry, the development of host communities and for related matters 2020,” sponsored by Senate Leader Yahaya Abdullahi (Kebbi North).
In his lead debate, Abdullahi said the objectives of the PIB include “to create efficient and effective governing institutions, with clear and separate roles and to establish a framework for the creation of a commercially oriented and profit-driven national petroleum company.
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