Reps adopt Petroleum Industry Bill for 3rd reading | The Guardian Nigeria News - Nigeria and World News

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The House of Representatives on Thursday adopted the report on the Petroleum Industry Bill (PIB) for passage at the Committee of the Whole.

The Executive bill, which sought to reform the oil and gas sector and ensure its governance met with best global standards, was presented by the Chairman of House Committee on PIB, Rep. Mohammed Monguno .The News Agency of Nigeria reports that following the adoption of the report, the bill will now be scheduled for third reading and final passage by the House.

He said that the bill sought to address the very core aspect of the nation’s economy which largely depended on the oil and gas sector.“The bill also seeks to unbundle the Nigeria National Petroleum Corporation so that it will become NNPC limited and for it to be run commercially,” he said. Monguno also said that the bill would attract investors and ensure competitiveness in the oil and gas sector in line with world best practices.

 

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