The Senate at its plenary session of Wednesday, 30 September 2020, introduced for First Reading, the Petroleum Industry Bill, 2020 (SB 510).
The Bill which was forwarded to the National Assembly for consideration and passage by the President, Muhammadu Buhari seeks to provide a legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and Development of Host Communities.
The Petroleum Industry Bill, 2020 which comprises of 3 Chapters focusing on Governance and Institutions (Chapter 1); Administration (Chapter 2) and Host Communities Development (Chapter 3) and 319 sections aims 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 petroleum resources of Nigeria.
- Foster a business environment conducive for operations in the petroleum industry.
The President of the Senate, Sen. Ahmad Lawan (APC: Yobe), in anticipation of the commencement of debate on the Bill, urged the Clerk of the Senate, Mr. Ibrahim Dauda El-ladan to avail lawmakers a copy of the Bill ahead of plenary session on Tuesday, 6 Oct 2020. In the House of Representatives, the Bill has been forwarded to the Ad-hoc Committee on Petroleum Industry Bill (PIB).
The Petroleum Industry Bill was first introduced in the National Assembly in 2008 and efforts by subsequent Assemblies over the years to have the proposed legislation signed into law has remained unsuccessful.