Nigerian Senate Passes Petroleum Industry Bill

The Nigerian Senate has passed the Petroleum Industry and Governance Bill. The senate announced this via its twitter handle on Thursday (see below). 

Senate President @bukolasaraki thanks the Committee and it's members.

— The Nigerian Senate (@NGRSenate) May 25, 2017

The Petroleum Industry Governance Bill which is a chalked off part of the original Petroleum Industry Bill (PIB) has been in the National Assembly for years without passage. The bill is expected to inject life into Nigeria’s oil sector attracting billions of dollars in new investments.

Two objectives of the bill according to the Senate

1. Foster a conducive business environment for petroleum industry operations
2. Provides transparency and accountability in the administration of Nigeria’s petroleum resources.

The House of Representatives will now have to pass the same bill before sending it to the president for his signature.

Here is a copy of the Bill sent to the Senate (not the official copy of the passed bill)

[gview file=”https://cdn.nairametrics.com/wp-content/uploads/2017/05/SB237.pdf”]