Nigerian Senate passes the Petroleum Industry Bill (PIB) into law

The Senate, on Thursday, broke the 17 years jinx by passing into law the age long Petroleum Industry Governance Bill.

Senate President Bukola Saraki while commenting on the bill said, “This is a bill #PIGB that has been here for many years, we made a commitment and it’s being fulfilled.”

Continuing, Saraki said, “This bill is not only for Nigerians but for our investors. We are proud of what has been done.”

The PIG bill was read the third time at the Senate’s plenary before it was passed.

The PIGB was passed after the Senate, in the Committee of the Whole, considered the Report of the Committee on Petroleum Upstream, Petroleum Downstream and Gas presented by Senator Donald Alasoadura.

Nigeria’s Petroleum Industry Bill (PIB) has always been identified as a comprehensive instrument for the oil sector development and diversification.

The content, in summary, pushes for a more inclusive development away from crude oil to other product lines and by-products and robust engagement between international oil companies (IOCs) and the government in the area of investment and modifications in the Joint Venture Partnerships (JVPs)/cash call obligations.

It also advocates the activation and extension of indigenous participation and local content development, just and fair engagement of the oil producing communities and transparency/accountability in the industry.

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