The Senate has on Thursday passed a long-awaited oil governance bill following its third and final reading.
The Petroleum Industry Governance Bill is part of proposed reforms that make up the sprawling Petroleum Industry Bill (PIB), aimed at overhauling the OPEC member’s energy industry.
President of the Senate, Bukola Saraki, who presided over the plenary said the lawmakers had broken the jinx of passing the bill.
The PIB, which has been discussed for over a decade following several redrafts and is central to President Muhammadu Buhari’s reform plans, was broken up into separate parts including governance and fiscal issues to help speed up debate.
According to a tweet on the upper house of parliament’s Twitter feed. Saraki said the bill required the support of both houses of parliament and the approval of the president before becoming law.
The overarching PIB, of which the governance bill is one part, covers everything from an overhaul of the state oil company to taxes on upstream projects.