House of Reps, Senate pass Petroleum Industry Bill

The House of Representatives has today, passed the Petroleum Industry Bill (PIB).

The long-awaited bill which passed for a third reading will deregulate and overhaul Nigeria’s oil and gas sector.

Rep. Mohammed Tahir Mongunu, Chairman of the House Adhoc Committee on the PIB, moved for the consideration of the motion.

READ: PIB: A backward-looking law in a rapidly evolving world

He said: “That the House do consider the Report of the Ahoc Committee on Petroleum Industry Bill on an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities; and for Related Matters, 2021 (HB. 1061) and approve the recommendations therein.”

Nairametrics reported earlier this year that the Nigerian government added some changes to the Petroleum Industry Bill (PIB) which includes the reduction of hydrocarbon tax to 30% for converted leases, down from 42.5% in its original bill plan, in a bid to attract more investors to Nigeria’s oil and gas sector.

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The Senate also  passed the Petroleum Industry Bill known during its plenary session on Thursday. The Senate held a meeting with Nigerian  Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari before passing the Bill to deregulate Nigeria’s Oil and Gas sector.

Senate President, Ahmed Lawan disclosed that President Buhari is expected to sign the Bill soon.

More details to follow soon…