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Tracking Now: Senate passes Part 1 of Petroleum Industry Bill (PIB) dealing on governance

The Nigerian Senate today, Thursday, May 25, 2017, passed the Petroleum Industry Governance Bill (PIGB).

The part, which can be said to be among the least controversial segment of the entire bill, only seeks to reform issues of corporate governance in the nation’s oil and gas industry.

Business Hilights recalls that the PIGB is the first of four bills that replaced the well-known Petroleum Industry Bill, which suffered setbacks in two consecutive legislative tenures.

President of the Senate, Bukola Saraki, who presided over the plenary on Thursday, said the lawmakers had broken the jinx of passing the bill.

But industry followers said they cannot be fouled as the passed bill is not the section of the expected law that will take the sector to the promise land after all.

The key area of the main PIB is yet to be touched and observers say International Oil Companies (IOCs) who feel that they may be on the losing side if all the four segments get passed seem to have been frustrating the entire process using tactical lobbying strategy that is very hard to be seen by outsiders.  The other three segments include host community affairs, fiscal governance and oil exploration/production standards.

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