Senate to pass PIB in 2014

Indication emerged on Wednesday that the National Assembly will pass the Petroleum Industry Bill (PIB) later this year.

The hint was given by both the Chairman, Senate Committee on Gas Resources, Sen. Nkechi Nwaogu and the Chairman, House of Representatives Committee on Petroleum Upstream, Hon. Muriana Ajibola,

The lawmakers, at the ongoing Nigeria Oil and Gas Conference in Abuja, said that with the current status of the bill, its passage would not exceed the life of the present Senate.

Nwaogu and Ajibola participated in the panel discussion at the seminar entitled: “The PIB, its Passage and Implementation-How will it Move Nigeria Oil and Gas Sector to the Next Level”.

They said that the Bill had gone through first reading, second reading and public hearing and was presently at a technical session of an Upstream, Midstream and Downstream Committee for fine-tuning.

The legislators, however, noted that Nigerians had not been fair with the Seventh Session of the Senate, saying that a number of interruptions occurred when it took over from the sixth assembly.

Nwaogu said that the nation was currently at a standstill, “because investment in oil and gas has been delayed due to the delay in the passage of the bill.”

She added that when passed, the bill would open doors for investments and increase Nigeria’s revenue generation.

She called on stakeholders to be patient with the senate, assuring that the bill would be passed after due process and would not be split into parts. (NAN)