House Of Reps Hurriedly Passes Controversial Petroleum Bill Into Law

The House of Representatives on Thursday passed the controversial Petroleum Industry Bill (PIB) into law.

In his farewell speech, Senate President David Mark had quoted the fiasco to pass the bill as one of the low points of the leaving senate.

READ ALSO: 468 Bills Pending As 7th Senate Winds Down

On May 13, the house had started consideration of its ad hoc committee’s report on the bill, which has been in the national assembly since 2008.

One of the seeds of the bill is the abolishment of the optional power of the president to grant petroleum licenses.

While, the-clause-by-clause analysis of the bill was postponed following a string of observations raised by legislators on legal technicalities, the process for the eventual passing of the bill was initiated ending in its passage.

The 368-page document is contained 312 sections and 438 clauses. Clause 209, which deals with revenue sharing formula, and clauses 116 and 119 which deal with the discount of levy on oil companies, had produced much controversy, but the PIB was passed in what seemed to be a hurried process.

After the legislators had given its nod to the bill, Emeka Ihedioha, deputy speaker, who chaired over the sitting, thanked them for a “job well-done.” He stated that the passing of the bill was in the interest of the country and not political, continuing that it was left for the Senate to do its own share of legislative work on it.

READ ALSO: Why We Need To Pass Petroleum Industry Bill

It should be noted that recently in January, David Mark had assured Nigerians as well as stakeholders in the oil industry that the PIB would be passed before the end of the 7th senate, but his promise was not fulfilled.

Meanwhile, the Nigerian government is set to hold a crucial meeting with main oil trades in the country on June 5, Friday.

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