Senate to begin debate on Petroleum Industry Bill ( PIB )next week

Vanguard reports there are strong indications that the Nigerian Senate will next week commence deliberation on the long awaited Petroleum Industry Bill (PIB).

The bill seeks to give the country’s oil and gas industry a comprehensive legal framework and would provide the basis for the unbundling of the Nigerian National Petroleum Corporation (NNPC) into five independent commercial entities.

It has been reported to lead other bills that will be deliberated on the floor of the Senate as part of efforts by senators to reposition the economy.

The bill which has been stood down twice would be moved for second reading by the chairman of Senate committee on petroleum, upstream, Senator Omotayo Alasoadura.
Although it is no longer news that the bill has been in the National Assembly for almost a decade, it has been broken down into smaller bills.
The Senate president, Bukola Saraki who explained the reason for the breakdown said it is to ensure that the aspects of the old laws not controversial would be quickly passed, while the other areas that required more consultations would come later.
However, senators from the Niger Delta areas who had moved for the suspension of the bill some months ago because they believed that the non-inclusion of the community have concluded plans to meet next Monday to brainstorm on the resuscitation of the bill.
The lawmakers are to guarantee the quick passage of the bill as it was placed as part of the legislative agenda in the 8th Senate.
Meanwhile, the Senate on Wednesday, November 2, will consider the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, in consonance with the Fiscal Responsibility Act 2007.