The Nigerian Senate on Thursday passed the Petroleum Industry Bill known as PIB.
The bill was passed during the Plenary after careful consideration of each of the clauses.
Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari met behind closed doors with the Senate before passing the bill
The passage of the bill comes exactly 13 years after it was first presented to the National Assembly in 2008.
President Muhammadu Buhari presented the PIB to the National Assembly on 28 September 2020 for reconsideration.
The Bill seeks to introduce changes to the governance, administrative, regulatory, and fiscal framework of the Nigerian oil and gas industry, in order to ensure transparency, strengthen the governing institutions, and attract investment capital, among other objectives.
Senate President Ahmed Lawan said the Senate expects President Buhari to sign the bill as soon as it is transmitted.
He added that the bill got the input of both the executive and legislative arms of government.
The Senate has been adjourned until July 6, 2021.