The Petroleum Industry Bill (PIB) has passed the second reading in Nigeria’s House of Representatives. The lawmakers passed the widely anticipated bill on Tuesday upon their resumption of plenary.
The revised legislation, which is an executive bill, amongst other things seeks to scrap the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Product Pricing Regulatory Agency (PPPRA).
The PIB was sponsored by the House Leader, Alhassan Doguwa. Controversies had trailed the bill for years following unsuccessful attempts to pass them into law. Moving the motion for the second reading of the PIB, Doguwa said that the bill, when passed, would create jobs and also address security challenges in the country. He said it would tackle kidnapping, banditry, and terrorism.
Lending his voice to the debate, the minority leader, Ndudi Elumelu, said the passage of the bill was long overdue.
He said the house would give it speedy consideration because green energy has made oil almost useless.
Also, the chairman of the PIB ad-hoc committee, Tahir Monguno, said the present composition of NNPC makes it difficult for the oil sector to thrive.