The Senate on Wednesday passed the Petroleum Industry Governance Bill (PIGB) and six other bills which were earlier rejected by President Muhammadu Buhari.
Backstory: In declining assent to the PIGB in 2018, Buhari had criticized against the provision permitting the Petroleum Regulatory Commission to retain as much as 10 percent of the revenue generated, and also an expansion of the functions of the Petroleum Equalisation Fund.
What is new
- The Senate has reduced the revenue to be retained by the Regulatory Commission from 10 percent to five percent.
- The revised bill also removed the Petroleum Equalisation Fund.
The PIGB, including other revised bills, will be transmitted to the House of Representatives for concurrence before being sent to the President for his assent.
The PIGB is one of the longest standing bills in the National Assembly. It was introduced to the National Assembly in 2008 as an executive bill by the late President Umaru Yar’Adua.
However, the Sixth National Assembly (2007 – 2011) did not pass it. It was then returned to the National Assembly in 2012 by former President Goodluck Jonathan. However, in 2014, the bill also failed to get through at the Senate.
The current proposal was a private member bill sponsored by the Chairman, Senate Committee on Petroleum Upstream, Tayo Alasoadura.