ABUJA, NOVEMBER 3, 2016 – Senate will nearly complete work by year end on two major areas of long-delayed legislation to tackle problems in managing the nation’s oil wealth, Senate President Bukola Saraki said on Thursday.
The Petroleum Industry Bill (PIB), stuck in parliament for a decade, aims to tackle everything from an overhaul of state oil company NNPC to taxes on upstream projects in a sector riddled with corruption.
On Wednesday, the Senate, parliament’s upper house, gave initial approval in the second reading to a draft plan to overhaul the state oil industry, a procedural move that allows the bill to move forward.
“For many years now the PIB has been stalled at different stages for one reason or the other,” Saraki said in a statement.
“At this point, the Senate is ready and willing to do everything that it takes to get Nigeria’s economy out of this recession — and the efficient and effective management of our oil resources is a key component of this.”
The part of the bill debated on Wednesday dealt with “a governance and institutional framework for the petroleum industry”, Saraki said as Nigeria seeks to restructure state oil firm NNPC.
In a draft seen by Reuters in April, Nigeria planned to split NNPC into two to help ease a planned stake sale in the coming years.