The Senate has passed the Petroleum Industry Bill has said when signed into law will reflect the submissions of over 58 stakeholders in Nigeria’s oil and gas sector.
This was the position of the legislators as they consider the report of the Senate joint committee on Petroleum Industry Bill.
They are optimistic that the bill which is made up of Five chapters, Governance and institutions, administration, host communities development, fiscal framework and Miscellaneous provisions will bring about the long awaited change in oil and gas sector.
The propsed law also seeks among other issues, 30 percent for the funding of exploration of frontier basins, Three percent for the development of host communities and making the Nigerian National Petroleum Corporation more viable and a commercial entity.
The Senate had met with the Minister of state for Petroleum resources and the Group Managing Director of the NNPC in closed door before the consideration.