Chief Timipre Sylva, the Minister of State for Petroleum Resources, has assured that the Petroleum Industry Bill (PIB) currently before the National assembly will be passed in the next few weeks.
The PIB, which was first presented at the National Assembly in 2008, is an omnibus law to regulate the entire spheres of the industry.
The bill is intended as a complete overhaul of the Nigerian oil and gas sector seeks to, among others, ensure an increased level of transparency and accountability by strengthening governing institutions to attract investments in the industry.
Sylva said, “I am very optimistic that the PIB will be passed very soon. I have always thanked and commended the National Assembly for their commitment as well.
“I have seen a lot of commitment from the National Assembly; they have gone on retreat because of this, and just yesterday, we also engaged and they are very much on the Petroleum Industry Bill.
“From all the engagements that we have had with stakeholders, I believe that the PIB will be passed within a matter of weeks, if not next week, it will be weeks after.
“But definitely, you can see a clear line of sight to the end of the journey as far as the PIB is concerned.’’
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