The petroleum industry bill (PIB), on Wednesday, passed second reading at the Senate chamber.
The PIB, which seeks to split the Nigeria National Petroleum Corporation (NNPC) into two independent entities, was first introduced in 2008.
Senate President @bukolasaraki puts the question and the #PIB is passed for second reading.
After the passage, the bill was referred to the committee on petroleum (upstream and downstream) for more legislative work after a brief debate on it.
Tayo Alasoadura, a senator from Ondo central and chairman senate committee on petroleum (upstream), said the objective of the bill was to create efficient institutions, and to promote transparency in the administration of petroleum resources in the country.
Alasoadura said the bill was the first in a series of its kind to reform the petroleum industry, adding that it would cure some of the ills in the sector.
”This bill provides for the unbundling of the NNPC into two independent entities, which are the National Petroleum Company (NPC) and National Asset Management Company,” he said.
“It also provides for the establishment of a single petroleum regulatory commission which will focus mainly on regulating the industry.
“The poor performance of the NNPC is a major concern. The commercialisation of the corporation and its splitting into two entities is for more efficiency and to enhance performance.”
Senator James Manager emphasizes on impact of the PIB to communities in the Niger Delta who are affected negatively by Petroleum products.
Senate President Bukola Saraki in his remark, appreciated his colleagues and the Committee for their non partisan contribution to the PIB.
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