Nigeria's Senate passes oil governance bill - Senate Twitter
- Author: Zachary Reyes May 25, 2017,
May 25, 2017, 21:17
The Nigerian Senate has finally passed the Petroleum Industry Governance bill into law.
An attempt to pass the bill by the 7th Senate presided over by Sen.
The Petroleum Product Pricing Regulatory Agency (PPPRA) is now under the new commission.
The bill has significantly reduced the powers of the President and the Minister of Petroleum Resources in exercising control over the oil and gas sector.
"We are proud of what has been done", said Senate President Bukola Saraki after the governance bill was passed, according to a tweet on the upper house of parliament's Twitter feed.
The NOC, as proposed in the bill, will be an "integrated oil and gas company operating as a fully commercial entity and will run like a private company".
It is also expected to help Nigeria reduce corruption and inefficiency in the sector.
This comes a month after the Senate received a report from its joint petroleum committee consisting of petroleum (downstream and upstream) and gas.
It could be recalled that nine months ago, the Senate mandated its relevant committees to work on the old copy of the PIB, which was divided into different compartments.
Among other objectives, the Petroleum Bill seeks to introduce reforms that would engender transparency, while at the same time making the oil and gas sector more business-oriented and profit-driven.
"It will create the right signal to worldwide community that Nigeria is ready for business", he said.