Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Wednesday, July 28, 2021
Home Business Law Reps adopt PIB for 3rd reading

Reps adopt PIB for 3rd reading

- Advertisement -

The House of Representatives on Thursday adopted the report on the Petroleum Industry Bill (PIB) for passage at the Committee of the Whole.
The Executive bill, which sought to reform the oil and gas sector and ensure its governance met with best global standards, was presented by the Chairman of House Committee on PIB, Rep. Mohammed Monguno (APC-Borno).
Following the adoption of the report, the bill which consists of 318 clauses will now be scheduled for third reading and final passage by the House.
Presenting the report, Monguno said that the PIB had suffered lots of setbacks in the parliament since its introduction in 2000.
He said that the bill sought to address the very core aspect of the nation’s economy which largely depended on the oil and gas sector.
“The bill also seeks to unbundle the Nigeria National Petroleum Corporation (NNPC) so that it will become NNPC limited and for it to be run commercially,” he said.
The lawmaker said that the bill, when passed into law, would ensure transparency in the oil and gas sector by addressing the challenges facing the sector through various funding that would be put in place.
Monguno also said that the bill would attract investors and ensure competitiveness in the oil and gas sector in line with world best practices.
Deputy Speaker, Ahmed Wase, who presided over the session, read out the 318 clauses of the bill and members voted in support.
In his remarks, the Speaker of the House, Rep. Femi Gbajabiamila, commended the lawmakers for their cooperation and for adopting the report.
He said that history would remember them positively for adopting the report which has eluded the parliament for many years as a result of various interests.
Gbajabiamila also announced that the Electoral Amendment Bill would come up for consideration and adoption next week before the house embark on its 2021 long vacation on July 14.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Electricity generation from Egbin plant hits 883MW, loses N13.68bn to gas, grid constraints

  BY KAYODE EKUNDAYO Electricity generation from Egbin Power Plant has risen to 883MW as another 175MW unable to be utilized due to external constraints with...

Russia writes OPEC, restates commitment to cooperation

Russia has reaffirmed its commitment to the development of the constructive cooperation with the Organisation of Petroleum Exporting Countries (OPEC) both within the framework...

Oriental Energy Resources Announce Mustafa Indimi New Managing Director

Mustafa Indimi has been appointed the new Managing Director of Oriental Energy Resources Limited, a leading indigenous oil exploration and production company in Nigeria....

Shareholder protection is our priority- Lekoil Nigeria CEO

The Chief Executive Officer of Lekoil Nigeria Limited, Mr. Lekan Akinyanmi, has disclosed that the protection and growth of shareholder value remain priority in...

Recent Comments