The Senate, Monday, commended President Muhammadu Buhari for assenting to the Petroleum Industry Bill (PIB) 2021, forwarded to him by the National Assembly last month.
The Upper legislative chamber in a statement signed by its spokesman, Senator Surajudeen Ajibola Basiru, described the presidential assent on the bill as a major victory that has the potential of bailing Nigeria out of its economic predicament and an act that will enable the country to make the most of economic gains of the oil industry for the benefit of Nigerians.
Senator Basiru in the statement, said with the passage of the bill by both chambers of the National Assembly for third reading last month and signing it into law by President Muhammadu Buhari today, have broken the jinx of many years.
Efforts at reaching this stage has been a protracted affair as the Bill, first initiated in 2003 had been subjected to a ping pong affair between the previous legislatures and the executive.
“The 9th National Assembly finally broke the jinx when it recently passed the Bill after working dispassionately by putting the interest of the Nation first, over petty squabbles and other self interests, thereby laying finally to rest previous failed attempts,” he said.
He further attributed the success of the assent to the Bill which has now become an Act to the Cooperative efforts of all participating sectors in the procress and also the non confrontional policy of the present National Assembly.
Talking about the benefits of the law, Dr Basiru said that it will juice up the National Economy by liberalising the Petroleum Sector and that it will pave way for investors, both local and international to invest in the oil sector with government on a competitive basis.
President Buhari had on September 2, 2020 forwarded a draft of the bill to both chambers of the National Assembly which after thorough legislative treatments , was passed for third reading in the Senate on the 15th of last month and in the House of Representatives , on the 16th of last month .