TheCable

Senate President Ahmad Lawan says the national assembly will pass the much-awaited Petroleum Industry Bill (PIB) before the end of June.

In May, Timipre Sylva, the minister of state for petroleum resources, had assured that the passage of the PIB will not go beyond June 2021.

The minister said the PIB will enshrine an investor-friendly, market-led gas pricing structure.

Speaking at the opening session of the 2021 Nigeria International Petroleum Summit in Abuja on Monday, Lawan said both the upper and lower chambers of the national assembly are concluding works on the bill.

He said the lawmakers have prioritised widespread consultation to generate a bill that will be beneficial to all stakeholders.

“In our legislative agenda for 2019-2023 in the 9th assembly we decided that we must have a better way. We found out that neither the solo effort of the executive nor the solo effort of the legislature could deliver the PIB in the past,” he said.

“We now have a better cooperative approach where the national assembly will work with the administration to conceive the bill through very rigorous consultations and at the end of the day we narrowed down our differences and areas of potential conflict.

“I think we have been able to achieve that significantly. The speed and commitment the national assembly has shown in working on the PIB and reaching where we are today shows that we have chosen the right path.

“As I speak, our joint committee of both senate and the house on the PIB are about to conclude writing the report which will be submitted to both chambers of the national assembly. Our expectation is that we will pass the PIB within this month of June by the grace of God.”

Also speaking at the event, Femi Gbajabiamila, speaker of the house of representatives, said the PIB seeks to drive business development.

He added that national interest will be prioritised in cases where there are competing interests among stakeholders.

“We are expected to encourage businesses whether foreign, local or community based. But as competing interests try to elbow each other out, it is the role of the national assembly to look for a balancing act,” he said.

“This is bearing in mind that the most important interest for us is our national interest.”