National News Oil & Gas

House of Reps pass Petroleum Industry Bill, allocate 3% of profits from oil companies to host communities

By Ebi Perekeme

The Petroleum Industry Bill (PIB) has passed the third reading at the House of Representatives.

The bill passed the third reading on Thursday after Mohammed Monguno, chairman of the ad hoc committee on Petroleum Industry Bill (PIB), presented a report and the lawmakers voted on 319 clauses of the bill.

Before the clauses of the bill were considered, Monguno said the ninth House of Representatives would have succeeded in enacting important legislation by passing the bill.

He said the bill seeks to bring governance issues in the oil and gas sector in tandem with the international best practices.

Monguno said the bill would make the oil and gas industry more transparent and competitive.

After the lawmakers approved the bill clauses, the speaker, Femi Gbajabiamila commended his colleagues for their commitment in passing the bill.

He said the lower legislative chamber has made Nigeria proud.

PIB passage happened 24 hours after the House of Representatives received the report on the bill.

Gbajabiamila had assured Nigerians that the PIB would be passed within the next two weeks.

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