Petroleum Industry Bill Passes Second Reading
Nigerian Senate on Wednesday passed the Petroleum Industry Bill (PIB) to second reading.
The Bill, seeks to split the Nigeria National Petroleum Corporation (NNPC) into two independent entities, passed the stage, and was referred to the committee on petroleum (upstream and downstream) for more legislative work after a brief debate on it.
Leading the debate on the bill, Tayo Alasoadura, a senator from Ondo central and chairman senate committee on petroleum (upstream), said the PIB was first introduced in 2008, but that it was not passed in previous administrations of the National Assembly.He said the objective of the bill was to create efficient institutions, and to promote transparency in the administration of petroleum resources in the country.
Alasoadura said the bill was the first in a series of its kind to reform the petroleum industry, adding that it would cure some of the ills in the sector.