The Senate has passed the long-awaited Petroleum Industry Bill (PIB).
This followed approval of recommendations of the report of the Senate Joint Committee on Petroleum, (Downstream,) Petroleum (Upstream) and Gas at plenary.
Presenting the report, Chairman of the committee, Sen. Mohammmed Sabo, says the bill consisted of five distinct and logically connected chapters.
Sabo listed the chapters to include governance and institutions, administration, host communities development, petroleum industry fiscal framework and miscellaneous provisions, comprising 319 clauses and eight schedules.
He says the committee carried out its assignment effectively and conducted a public hearing to collate inputs from critical stakeholders and the Nigerian people.
Sabo says the committee reviewed the bill and all the memoranda submitted by stakeholders during the public hearing adding that the committee also embarked on on-the-spot assessments of impacted oil exploration communities.