The Speaker of the House of Representatives, Femi Gbajabiamila, has emphasized the commitment of the parliament to pass the Petroleum Industry Bill, PIB, into law in April 2021.
Gbajabiamila gave the assurance while taking contributions at the public hearing, organized by the Ad-hoc Committee of the House on PIB.
The Speaker promised that the speed of the passage would not diminish the thoroughness expected of the lawmakers on the bill.
The Minister of State for Petroleum Resources, Timipre Silva, said he is optimistic that after 20 years of the introduction of the PIB to the National Assembly, that both the Senate and the House of Representatives would continue the sustained determination to pass the bill into law.
Similarly, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, offered a glimpse of hope that oil will still be relevant in the next 30 years.
Mele added that the passage of the bill into law would bring about the needed vigour and transparency that would, in turn, engender productivity in the petroleum industry.
In his submission, the Chairman, Federal Inland Revenue Service, FIRS, Mohammed Nami, explained that the bill would promote economic growth and make the petroleum sector competitive.
He stressed total support of the Service to the development of the oil and gas industry, inline with international best practices.
The bill, termed, “A Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities and for Related Matters (HB. 1061)”, is an executive bill that debuted to the National Assembly 20 years ago.
But high profile multicoloured interests, according to reports, had stifled its legislative progress and passage.
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With this development, President Muhammadu Buhari, on September 20, 2020, retransmitted the Bill to the National Assembly, for which the House is currently having a public hearing with key players in attendance.