Senate Makes History, Passes Petroleum Industry Governance Bill

The Senate on Thursday made history after it passed the Petroleum Industry Governance Bill (PIGB), which seeks to reform the nation’s oil and gas industry.

The PIGB is the first of four bills that replaced the well-known Petroleum Industry Bill, which suffered setbacks in two consecutive legislative tenures.

The report on the bill, produced by the Senate joint committee on gas, petroleum (downstream) and petroleum (upstream), was presented on Thursday by Donald Alasoadura, APC-Ondo.

After a clause-by-clause consideration, with few amendments, the Senate approved the bill, moving a step closer to making its ambitious contents law.

Amongst other objectives, the petroleum bill seeks to introduce reforms that would engender transparency, while at the same time making the oil and gas sector more business-oriented and profit-drive.

VIDEO: After 17 Years 8th Senate Passed Petroleum Industry Governance Bill.: https://t.co/FJmvhJC7VV via @YouTube

— The Nigerian Senate (@NGRSenate) May 25, 2017

Finally, after 17 years Abubakar Bukola Saraki led Senate Breaks 17 year jinx by passing Petroleum Industry... https://t.co/uj2aQBBJw8

— The Nigerian Senate (@NGRSenate) May 25, 2017

History made we just passed the Petroluem Industry Governance Bill #PIGB after 17 years. #PromiseKept

— Bukola Saraki (@bukolasaraki) May 25, 2017

According to Senate President, Bukola Saraki, who presided over the plenary on Thursday, the lawmakers had broken a 17-year-old jinx after passing the bill.

“I congratulate the 8th Senate with the passage of this landmark bill which has not been passed for many years,” the senate president said.

Meanwhile, plenary has been adjourned to Tuesday, 30th May, 2017.