Nigeria’s Petroleum Industry Bill inches closer to becoming law

Nigerian Senate
Nigerian Senate

The Nigerian Senate has received the report on the Petroleum Industry Governance Bill from its joint petroleum committee, marking the farthest step in reforming the country’s oil and gas sector through legislation in years.

The report was laid on Thursday by the joint committee which consists of members of the committees on petroleum (downstream and upstream) and gas.

The bill has been in the works for over a decade and been redrafted several times but was never passed by the previous assemblies.

“What a historic day!” said Senate President Bukola Saraki on Thursday. “We are getting there.”

Upon assumption of office in 2015, President Muhammadu Buhari pledged to drive reforms and fight mismanagement, inefficiency and corruption in Nigeria’s petroleum sector, which was in tandem with the 8th Senate’s promise to pass the Petroleum Industry Bill before expiration of its tenure.

When the bill was passed for second reading before moving to the committee stage, the Senate said the proposed legislation “establishes a framework for the creation of commercially oriented and profit driven entities that ensure value addition and internationalization of the country’s petroleum industry.”

“The bill seeks to provide transparency and accountability in the management of Nigeria’s petroleum resources.”

It also seeks to split the Nigerian National Petroleum Corporation into two: national oil company, NOC, and national petroleum assets management commission.

The NOC, as proposed in the bill, will be an “integrated oil and gas company operating as a fully commercial entity and will run like a private company”, while the NPAMC will be a “single petroleum regulatory commission which will focus mainly on regulating the industry.”

Senate President Bukola Saraki had last week promised that the report on the bill would be laid today and that it would be presented for third reading on April 25.

If passed on April 25, the bill will be transmitted to the House of Representatives for concurrence and then to the president for assent before becoming law effectively.


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  • Sam

    President Buhari, shine your eyes and be sure you are signing the correct bill.

    BEWARE OF PADDING

  • www.electionoffenders.ng

    Progress. Well done.

    • Otile

      As long as the deal has something to do with sharing oil money it is always progress in One Nigeria. Can Imam think of another industry, no.

  • Rommel

    The Saraki’s have never engaged in anything genuine so I wonder what the catch will be in this one for him and cronies

    • un spkn

      exactly what i was thinking. OMG. As if u read my mind. I was like. Hmmm, Saraki is happy about this, what is the catch. If the conmen and the mafia bosses are happy, then something is wrong

  • Jon

    All that Nigeria needs now is RESTRUCTURING no more no less. You heard what Emir Sanusi said about Nigeria. He said, “if Nigeria were to split, the North will be the poorest country in the world”. Now, you can see, why it is only the North that wants ONE Nigeria.

    Name any Southerner that ever appointed to administer Abuja. None. However, currently the North is the minister of Niger Delta oil. They are in charge of customs. Are there ports in Sokoto, Katsina, Bornu, Zamfara,Kaduna or put simply, in the whole North?

  • un spkn

    Saraki is happy, so it is nopt good. DO NOT SIGN IT!!!!!

  • real

    They need to post that bill online for every Nigerian to read and make comments on. This lawmakers are so quick to create more agencies, so that this agencies just become avenues to loot money. The best outcome for NNPC is to be a publicly traded company. The federal government and states outside of the Niger delta can own 20% of it. The Niger delta region( states) would own another 30% of it. workers and average Nigerian’s would own another 25% of it, the remain 20% would be owned by Nigeria investors, 5% would be reserved for foreign investors and their shares can’t go past 10% at any given time. what this does is force NNPC to be operated under international publicly held company standard. it would increase market volume for NSE and it would be forces to be regulated by over 5 or more regulators.