01 July 2021 by James Itodo.
The Senate has passed the long-awited Petroluem Industry Bill (PIB).
It also approved 3 per cent as funding for host community trust fund as against 2.5 per cent earlier recommended in the bill and 5 per cent recommended by its joint committees.
The bill was passed after consideration and approval of recommendations of the report of the Senate Joint Committee on Petroluem,(Downstream), Petroluem (Upstream) and Gas .
Presenting a summary of the report, Chairman of the Senate joint committee ,Senator Mohammmed Sabo said the bill consists of five distinct and logically connected chapters.
It listed the chapters to include governance and Institutions, Administration,Host Communities Development, Petroleum Industry Fiscal Framework and Miscellaneous provisions, comprising 319 clauses and 8 schedules.
He said the committee
carried out its assignment deligently and conducted a public hearing to collate inputs from critical stakeholders and other Nigerians.
He said the committee reviewed the bill and all the memoranda submitted by stakeholders during the public hearing.
He also said the committee embarked on an on-the-spot assessment of impacted oil exploration communities Which he said was to critically examine issues raised by Senators during the second reading of the bill adding that it was passed after due consultations
The bill when signed into law, Senator Sabo said would strengthen the accountability and transparency of NNPC Limited as a full-fledged CAMA company under statutory and regulatory oversight with better returns to its shareholders and the Nigerian People.