OrderPaperToday – The House of Representatives has passed the Petroleum Industry Governance Bill (PIGB) after 17 years of languishing in the National Assembly.
The committee of the whole of the House of Representatives, passed the 134 clauses bill after considering the report of the Ad Hoc committee on Petroleum Industry bill, Chaired by the Chief Whip of the House, Alhassan Ado Garba (APC, Kano) on Wednesday.
The bill which has been referred to as the revolutionizing bill with a potential to transform the Nigerian oil industry, if signed by the President, Muhammadu Buhari would unbundled the Nigerian National Petroleum Corporation (NNPC) and sstablish the Nigerian Petroleum Regulatory Commission.
The Commission will take over the assets, responsibility of the Department of Petroleum Department (DPR), Petroleum Inspectorate (PI) and Petroleum Products Pricing Regulatory Agency.
In the PIGB, the Ministry of Petroleum Resources will be renamed Ministry of Petroleum Incorporated, while the Minister of Petroleum Resources, on the recommendation of the new Commission, can grant, amend, renew, extend or revoke any licence or lease facilities required for petroleum production, pursuant to the provisions of the Act or any other enactment.
The Senate already passed the bill last year.