House of Reps Finally Pass Petroleum Industrial Bill

The House of Representatives on Thursday after considering an Ad hoc Committee report on 312 sections and 438 clauses, unanimously passed the lingering Petroleum Industry Bill (PIB), Guardian reports.

The committee had scrutinised the sections and annexure of the original bill and made some amendments and recommendations.

The public hearings also conducted by the 23-member ad hoc committee in all the geo-political zones provided opportunities for stakeholders to make their contributions to the bill.

The bill, which covered salient areas in the petroleum industry, is to ensure the establishment of the Petroleum Equalisation Fund and incorporation of National Gas Company.

Others are the establishment of the Petroleum Directorate and National Asset Management Company, as well as the imposition of new tax regime such as Nigeria Carbon Tax.