PIB will be passed in June – Minister
Minister of State for Petroleum Resources, Chief Timipre Sylva, has given assurance that the Petroleum Industry Bill (PIB) currently before the National Assembly will be passed into law before the end of June.
Sylva gave this indication at an interactive session with the media on Tuesday, in Abuja.
He said, “PIB is fully on course and we are very happy because we have focused on that for a long time and we have had many meetings with the National assembly and stakeholders.
“Today, I believe that we are all basically satisfied with where we are. The National Assembly has given a timeline, they actually gave April.
“We are hopeful that between now and June, they will pass the PIB. I don’t think we are faraway from the passage of the PIB,’’ the Minister said.
The Bill has been delayed for nearly two decades, with the preceding National Assembly attempting to pass the legislation without success.
In September 2020, President Muhammadu Buhari had sent a reworked version of the bill to the Senate and it passed its second reading in the House of Representatives and Senate in October, 2020.
Senate President Ahmad Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila, have affirmed that the Bill will be passed at the end of May. The PIB, which targets a comprehensive overhaul of the Nigerian oil and gas industry, will, upon passage, renew with vigour; transparency and accountability within the sector, stimulate foreign direct investment and optimize production revenues, among other key objectives.