The much awaited Petroleum Industry Bill (PIB), passed first reading on the floor of the Senate Wednesday.
This followed a letter read by the Senate President, Ahmad Lawan, on Tuesday from President Muhammadu Buhari.
Lawan thereafter, instructed the Clerk of the Senate, Ibrahim El-Ladan, to ensure the bill is circulated to all Senators before Tuesday.
Efforts to pass the bill since 2000 have failed either as result of presidential veto or non passage by different sessions of the National Assembly since 2007 when both the executive and legislative versions , were harmonised for consideration and possible passage.
The Minister of State for Petroleum, Timipre Sylva, had on Monday while highlighting the importance of the bill said it would make Nigeria attractive for investments.
He informed that the Nigerian National Petroleum Corporation (NNPC) will not be scrapped but commercialised.
He also disclosed that the contentious 10% for host communities in the previous bills is taken care of in the fresh draft on a win, win template.
He added that Petroleum Equalisation Fund (PEF), and the Petroleum Products Pricing Regulatory Agency (PPPRA) will be transformed.
Both Chambers of the 9th National Assembly, had at different times between July last year and now, assured the executive arm that the PIB will be passed this time around.
