The Nigerian Senate will today begin a two-day public hearing on the Petroleum Industry Governance Bill (PIB) after it passed second reading on Tuesday, November 1, 2016.
By this, the petroleum industry governance legislation, which was stalled in successive Assemblies, has reached its farthest stage in 16 years in the current 8th Assembly.
The Bill establishes the process for breaking the Nigerian National Petroleum Corporation (NNPC) into two commercial entities which will be limited by shares. The two entities will be known as the National Petroleum Company (NPC) and the National Assets Management Company (NAMC).
Once the PIB is passed and signed into law, Nigeria will have the necessary legislative framework to ensure the creation and sustainability of commercially-oriented and profit-driven entities that make possible value addition and the internationalisation of Nigeria’s petroleum industry.
Speaking on the forthcoming public hearing on the PIB, Senate President Bukola Saraki commended his colleagues for being focused in their quest to pass legislations that would grow Nigeria’s economy and create jobs.
He said: “I must say I am proud to be associated with an institution like the 8th Senate that has backed its words with its actions. When we passed the Senate’s Economic Legislative Agenda a few months ago, we said that we would make the elusive PIB one of our priorities. By bringing it to the public hearing stage, we have done this.
“Though we have come this far, we cannot afford to take our foot off the gas (pedal). We must ensure that we expedite the work of the Committee after this public hearing, in order to make sure that the PIB is signed, sealed and delivered for the benefit of the Nigerian public early in 2017.”
The PIB public hearing will be held today and tomorrow (Thursday) at the Senate New Wing of the National Assembly Complex.
The hearings will be conducted by the Senate Committee on Petroleum (Upstream), which is chaired by Senator Tayo Alasoadura (APC, Ondo).
A statement from the Senate president’s media office, sent to Leadership yesterday, also hinted that the Senate was set to also introduce a Host Community legislation to complement the Governance and Institutional Framework Bill in the coming weeks.
“This Bill is aimed at addressing issues relating to community participation, security, and the ecological debt incurred by host communities from oil extraction,” the statement added.
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