The Speaker of the House of Representatives, Femi Gbajabiamila, has revealed that the lower legislative chamber intends to pass the Petroleum Industry Bill (PIB) in April 2021.
The assurance by the Speaker follows so many years of delay in the passage of the bill, which is expected to encourage investment into the oil industry, due to political disagreements and objections from International Oil Companies.
This disclosure was made by Gbajabiamila, while speaking at the 2-day public hearing organized by the house Adhoc committee on PIB on Wednesday, January 27, 2021.
The Speaker pointed out that although the timeframe for the passage of the Bill is short, he assured that it will receive the thoroughness it deserves and as well, made a commitment on behalf of the house to pass the legislation in April.
What the Speaker House of Representatives is saying
Gbajabiamila, in his statement, said, ‘’I thank the Chairman and the committee for the dedication and efforts thus far. I have confidence that they will deliver on this critical National Assignment within the time we have set. I look forward to presiding over the consideration of the committee’s report.’’
“We intend to pass this bill by April. That is the commitment we have made. Some may call it a tall order, but we will do it and we will do it with every sense of responsibility without compromising the thoroughness of the work that will be done.’’
‘’A lot of work has gone into the preparation of this bill but it’s not straight-jacketed, the idea of the public hearing is to have interests that may have not been accommodated prior to the introduction to the Bill to lend their voices,’’ he added.
While speaking at the occasion, the Chairman of the Adnoc Committee on PIB, who is also the Chief Whip of the House of Representatives, Mohammed Tahir Monguno, said that as we gather here today, we may differ in opinions and background but the truth is the passage of this Bill is long overdue.
What you should know
- It can be recalled that the Senate President, Ahmad Lawan, had a few days ago while speaking at the 2-day public hearing organized by the senate on the PIB, said the upper legislative chamber is looking at passing the Bill in April or May.
- He noted that the non-passage of the PIB had been a major drag on the industry over the years, significantly limiting its ability to attract both local and foreign capital at a time that when other countries are scrambling to exploit their oil and gas resources.
- The PIB is a Bill that seeks to provide Legal, Governance, Regulatory Fiscal Framework for the Nigerian Petroleum Industry.
- On November 24, 2020, the PIB was debated, it passed the second reading and then referred to the Adhoc, Committee on the Bill.
“I thank the chairman/the committee for the dedication and efforts thus far. I have confidence that they will deliver on this critical National Assignment within the time we have set. I look forward to presiding over the consideration of the committee’s report” ——@femigbaja pic.twitter.com/9ompuZlvbZ
— House of Reps NGR (@HouseNGR) January 27, 2021