Senate receives report on PIGB

The much-expected Petroleum Industry Governance Bill (PIGB) was on Thursday laid before the Senate by its joint committees on petroleum upstream, petroleum downstream and gas on the PIG Bill, 2017.

The report was presented to the Senate by chairman of the joint committees, Senator Omotayo Alasoadora, (Ondo Central) at plenary.

Recall that the PIGB, according to the Senate President, Dr. Abubakar Bukola Saraki, during a three-day public hearing organised by the Committee in December 2016, is meant to create efficient and effective governing institutions with clear and separate roles for the petroleum industry.

Besides, he stated that the PIGB also seeks to establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensures value addition and internationalisation of the petroleum industry; promote transparency in the administration of the petroleum resources of Nigeria; and create a conducive business environment for petroleum industry operations.