The House of Representatives on Thursday re-committed and passed the Petroleum Industry Governance Bill (PIGB).
This was to tally with concerns raised by President Muhammadu Buhari when he declined assent to the bill last year, according to the lawmakers.
The lawmakers, however, passed the bill after removing certain provisions the president disagreed with.
According to them, the decision to withdraw the affected clauses in the original bill was because the president’s observations were germane to the smooth operations of the oil industry in the overall interest of Nigerians.
Buhari had rejected the much anticipated bill, citing reasons, namely, that permitting the Petroleum Regulatory Commission to retain 10 per cent of the revenue generated unduly, increases the funds accruing to it to the detriment of the federal, states, and LGAs.
The President also observed that expanding the scope of Petroleum Equalization Fund (PEF), was against the administration’s economic policy.
He had further noted that the bill, if assented to in its original version, would create ambiguity and conflict in its interpretation.
The four Petroleum Industry Bills (PIBs) were conceived to liberalize the governance structure of Nigeria’s oil industry.
After about 16 years of its introduction to the National Assembly, PIGB was passed in 2018 by the lawmakers but was denied assent by the President.
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