The Senate has passed the Petroleum Industry Bill known as PIB.
The bill was passed during the plenary on Thursday after careful consideration of each of the clauses.
The Senate before passing the bill met behind closed doors with the Minister of State for Petroleum, Timipre Sylva and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari.
The passage of the bill comes exactly 13 years after it was first presented to the National Assembly in 2008.
On 28 September 2020, President Muhammadu Buhari presented the PIB to the National Assembly for reconsideration.
The Bill seeks to introduce changes to the governance, administrative, regulatory, and fiscal framework of the Nigerian oil and gas industry, in order to ensure transparency, strengthen the governing institutions, and attract investment capital, among other objectives.