The Nigerian Senate, on Wednesday, vowed to pass the controversial Petroleum Industry Governance Bill (PIGB) earlier rejected by President Muhammadu Buhari.
Igbere TV recalls that President Buhari had rejected the PIGB passed by the 8th Senate. The PIGB is a fraction of four parts of the proposed Petroleum Industry Bill (PIB).
The Bukola Saraki-led 8th Senate had on May 25, 2017 passed the PIGB which was first proposed in 2002. The bill subsequently went through harmonization and was jointly passed by the Senate and the House of Representatives on March 28, 2018, and sent to Buhari on July 3, 2018 for presidential ascent.
But Buhari in the same July rejected the PIGB on the grounds that its provision which permitted the Petroleum Regulatory Commission (PRC) to retain as much as 10 per cent of generated revenue increases the funds accruing to the PRC “to the detriment of the revenue available to the Federal, States and Local governments as well as the Federal Capital Territory”.
But on Wednesday, September 25, the Ahmad Lawan-led 9th Senate vowed to revive the Bill and also set 2020 deadline for passage of the PIB.
Senate President Lawan assured during plenary that the PIB would be passed before the end of 2020 to trigger reforms in the petroleum industry.
“Our petroleum industry is almost stagnant and for long needing profound reform. Our oil and gas-related committees are therefore expected to work hard to take the lead in our determination to reform this vital sector. It is the desire, indeed the design of this Senate that, the Petroleum Industry Bill is passed before the end of 2020,” he said.
