Nigerian lawmakers have passed the Petroleum Industry Bill. The bill is the longest piece of legislation to be passed into law in Nigeria. One of the major issues was also resolved with the approved of 3 percent for the host communities.
The upper chamber passed the PIB, 2021 after all the clauses had been considered by the joint committee on Petroleum (Upstream, Downstream and Gas) on PIB.
Although the Senate approved three percent for the host communities despite protests from lawmakers from the Southern part of Nigeria, who advocated 5 percent.
Before plenary the Senate had held a closed-door session with the Minister of State for Petroleum, Timipre Sylva and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari. Details of that meeting has not been disclosed.
Senate President Ahmad Lawan congratulated the lawmakers and said the Ninth National Assembly has achieved one of its fundamental legislative agenda.
The bill is expected to change the structure of state oil company NNPC, amend oil and gas taxes and revenue-sharing and create new regulatory bodies, among other things, to make Nigeria’s oil sector more dynamic and efficient.
This laws the 1960s legislation controlling exploration, and revenue-sharing in the oil and gas industry of Africa’s largest economy.