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Reading: Senate Passes Petroleum Industry Bill for Second Reading
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News

Senate Passes Petroleum Industry Bill for Second Reading

Farouk Mohammed
By Farouk Mohammed
Published: November 2, 2016
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Senate

The Upper house of the National Assembly of Nigeria on Wednesday passed the Petroleum Industry Bill (PIB) to second reading.

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SenateThe Upper house of the National Assembly of Nigeria on Wednesday passed the Petroleum Industry Bill (PIB) to second reading.

The Bill, seeks to split the Nigeria National Petroleum Corporation (NNPC) into two independent entities, passed the stage, and was referred to the committee on petroleum (upstream and downstream) for more legislative work after a brief debate on it.

Leading the debate on the bill, Tayo Alasoadura, a senator from Ondo central and chairman senate committee on petroleum (upstream), said the PIB was first introduced in 2008, but that it was not passed in previous administrations of the National Assembly.

He said the objective of the bill was to create efficient institutions, and to promote transparency in the administration of petroleum resources in the country‎.

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Alasoadura said the bill was the first in a series of its kind to reform the petroleum industry, adding that it would cure some‎ of the ills in the sector.

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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
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