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Nigeria’s Minister of State for Petroleum H.E. Chief Timipre Sylva announced last week that the long-awaited Petroleum Industry Bill (PIB) is likely to be passed in April.
The announcement comes as the most recent update on the PIB, which lost momentum toward the end of last year, despite pledges from both houses of legislature to expedite discussions and pass the Bill into law before 2021.
H.E. Minister Sylva noted that efforts are being carried out by the two chambers of the National Assembly to ensure a timely passage.
Meanwhile, Senate President Ahmad Lawan and Speaker of the House of Representatives Femi Gbajabiamila have affirmed that the Bill will be passed by either April or May.
The Bill has been delayed for nearly two decades, with the previous National Assembly attempting to pass the legislation without success. In September 2020, however, H.E. President Muhammadu Buhari sent a rework of the bill to the Senate and it passed its second reading in the House of Representatives and Senate last October.
The PIB, which targets a comprehensive overhaul of the Nigerian oil and gas industry, will be successful upon passage in renewing transparency and accountability within the sector, stimulating foreign direct investment and optimizing production revenues, among other key objectives.