(UPDATED) National Assembly Transmits Petroleum Industry Governance Bill to Buhari for Assent

By Deji Elumoye in Abuja

The 10 year-old Petroleum Industry Governance Bill  (PIGB),  passed by the National Assembly in March 2018, has been transmitted to President Muhammadu Buhari for his assent.

The leadership of the National Assembly sent the harmonised PIGB to President Buhari on Tuesday, July 3 for his assent.

The Bill which was initiated by then President Umaru Yar’Adua and sent to the 6th National Assembly headed by Senator David Mark in 2008 has been enmeshed in controversy due to some of its provisions.

The Senate had on March 28 passed the PIGB having adopted the report of the conference committee of the PIGB which harmonised  the versions earlier passed by both Senate and House of Representatives.

The harmonised version of the Bill seeks to, among others, unbundle the NNPC and merge its subsidiaries  such as Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA) into one entity.

Senate President Bukola Saraki had at a function in Abuja in June listed the objectives of the PIGB to include, transforming the administration of the upstream, midstream and downstream sectors of the Nigerian petroleum industry.

More Details Later…