Just in: Senate finally passes Petroleum Industry Bill

After a very long wait, the Nigerian Senate has, today, Thursday passed the Petroleum Industry Governance Bill, the legislation that promises broad reforms to the nation’s oil and gas industry.The report on the bill, produced by the Senate joint committee on gas, petroleum (downstream) and petroleum (upstream), was presented on Thursday by Donald Alasoadura, APC-Ondo.Considering every piece of content therein, with few amendments, the Senate approved the bill, moving a step closer to making its ambitious contents law.Amongst 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-drive.If eventually passed by the House of Representatives and signed by the president, the bill will restructure some organisations like the Nigerian National Petroleum Corporation and the Department of Petroleum Resources, while setting up new ones like the National Oil Company.Just as stated in the bill, the National Oil Company will be an “integrated oil and Gas Company operating as a fully commercial entity and will run like a private company”.Recall the bill, has been resident in the National Assembly a couple of years; It is now to be sent to the House for concurrence before seeking presidential assent.“I congratulate the 8th Senate with the passage of this landmark bill which has not been passed for many years,” Bukola Saraki, Senate President said. 

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