Petroleum Industry Bill, otherwise known as PIB, Wednesday, resurfacrd at the Senate for the necessary legislative procedure for the purpose of passing the much talked and controversial bill.
The document, which the 6th and 7th Assembly failed to pass after much ground work, scaled first reading on the floor of the upper chamber, Wednesday.
The bill has now been renamed Petroleum Industry and Governance Bill following the harmonisation by both chambers of the National Assembly.
The bill’s framework was first conceived by the administration of the late President Umaru Yar’Adua and sent to the 6th National Assembly.
The failure of the 6th National Assembly to pass the bill compelled the immediate past government of President Goodluck Jonathan to re-present the bill to the 7th National Assembly.
At the conclusion, after much rancour between the oil producing States South South) and the North because of the content, hope was raised that it would be passed by the Jonathan, only for it to suffer abandonment.
Businesses concerned had continuously asked for the bill to make the nation’s oil and gas industry viable and more competitive for private investors to invest.
It is believed that the passage of the bill will free the sector from the clutches of government and open it up for the benefit of the oil producing states, and majority of Nigerians, businessmen.
The development marked the third time that the document would pass first reading in the Senate.
One of the main contents of the Act is to establish the legal and regulatory framework, institutions and regulatory authorities for the Nigerian petroleum industry, to establish guidelines for the operation of the upstream and downstream sectors, and for purposes connected with the same, among others.