However, the reform process hit a snag in late Au- gust, when news broke that President Muhammadu Buhari decided to withhold his assent for the PIGB
, apparently, in part, because it trimmed the amount of oil revenues available for government spending.
The passage of the PIGB
will provide reassurance that the country is serious about improving the investment climate.
Will further regulation, perhaps similar to that of the telecommunication sector, be required to rebuild investment trust and confidence in the upstream segment of the industry in the absence of PIGB
, which was first introduced as the Petroleum Industry Bill (PIB), was conceived over 15 years ago.
The government failed to sign the PIGB
, which would have helped in promoting governance structure in the sector.
is a bill that we want to entrench in the country's oil and gas sector on the basis of the fact that we must also look like other developed countries of the world and we must continue with this effort.
'That is why hitherto unachievable legislations like the PIGB
, Police Reforms Act and other bills or amendments to existing laws were passed with ease, because the members and the leadership know that they are elected as senators of the Federal Republic and not as party representatives.
Last week, the Senate passed the Petroleum Industry Governance Bill (PIGB
) again for assent, while also passing the Police Trust Fund bill as well as the Police Reform bills.
'In 2018, the National Assembly also passed the PIGB
The Senate Committee Chairman on Petroleum (upstream) listed his greatest achievements to include the sponsoring of a bill on the upgrading of Adeyemi College of Education, Ondo to Adeyemi Federal University of education; sponsoring and ensuring the passage of Petroleum Industry Governance Bill (PIGB