The Senate President, Bukola Saraki posted a video on his Facebook timeline discussing the Petroleum Industry Governance Bill, PIGB, following its passage by the House of Representatives on Wednesday, wherewith the Senate has passed the bill last May.
A statement from his media office read, “Yesterday, after nearly two decades of back-and-forth, near-misses and “near-passages”, the 8th National Assembly finally reached a milestone with the passage of the Petroleum Industry Governance Bill — otherwise known as PIGB. This is historic.
“Many of you will recall that in May 2017, the Senate took the first step in this direction, and yesterday, the House of Representatives did the same by passing this Bill that is aimed at modernizing the Petroleum Industry and overhauling the entire system – to create a conducive business environment for petroleum industry operations.
“The PIGB will also promote openness and transparency in the industry — by clarifying the rules, processes, and procedures that govern the oil and gas sector. This should eliminate, or at worse, reduce corruption significantly and make the sector more efficient and more productive.
“Most important, with the ongoing fuel scarcity in many parts of the country, Nigerians should know that the PIGB, once it becomes law, will help alleviate those issues that lead to scarcity, such as the limited supply of Premium Motor Spirit (PMS); the poor import planning schedule that leads to fuel importation constraints; the corruption, diversion and smuggling — that leads to artificial scarcity; and the absence of deregulation in the sector.
“This bridge that we have just crossed is a part of the commitment of the National Assembly to remain focused, committed, and determined to meet your expectations. Let me remind our people that this is another promise made and kept by the 8th Assembly. With this feat, we have demonstrated that we have the will and capacity to deliver on our key promises aimed at rebuilding the national economy and improving the standard of living of our people.”