Senate To Debate Petroleum Industry Bill Report Thursday

Sabo Mohammed, chairman on Petroleum (Downstream); Petroleum (Upstream) and Gas Resources of the Petroleum Industry Bill, 2021, on Tuesday, laid its much awaited report before the Nigerian Senate during plenary on Tuesday.

Thereafter, President of the Senate, Ahmad Lawan, assured lawmakers that the report would be considered on Thursday (tomorrow), mandating the Joint Committee to provide lawmakers with copies of the bill ahead of its consideration to enable them study its content.

Appreciating the joint committee’s efforts, according to a statement by Ezrel Tabiowo, Special Assistant (Press) to President of the Senate, Lawan stressed that a copy of the report, “must be made available to each and every Senator today, this afternoon, [and] we would be considering the report on Thursday.

“So, we have today, tomorrow until the beginning of Thursday to look at the report, so that when we consider it, we will be doing so on the basis of what we have been able to read from this very important report.” 

Declaring open a two-day public hearing on the bill by the National Assembly on January 26, Lawan explained that Bill comprises four chapters that outline how to create efficient and effective governing institutions with clear and separate roles for the petroleum industry; establish a framework for the creation of a commercially oriented and profit-driven National Petroleum Company; promote transparency, good governance and accountability in the administration of the petroleum resources of Nigeria among others;

He added that the piece of legislation among others, also seeks to promote the exploration and exploitation of petroleum resources in Nigeria for the benefit of the Nigerian people; promote the efficient, effective and sustainable development of the petroleum industry;

According to him, the PIB upon passage and assent into law by the President, would “foster sustainable prosperity within host communities, provide direct social and economic benefits from petroleum operations to host communities; create a framework to support the development of host communities among others; and

“Establish a progressive fiscal framework that encourages investment in the Nigerian Petroleum Industry, balancing rewards with risk and enhancing revenues to the Federal Government of Nigeria; provide a forward-looking fiscal framework that is based on core principles of clarity, dynamism and fiscal rules of general application; establish a fiscal framework that expands the revenue base of the Federal Government, while ensuring a fair return for investors,” he added.