Nigeria: PIB - What You Need to Know About Proposed Law to Regulate Nigeria's Oil Industry

PREMIUM TIMES highlights the history and components of the Petroleum Industry Bill that is again close to being passed by the National Assembly

After a 20-year journey, the Petroleum Industry Bill (PIB) on Thursday crossed a major landmark as the two chambers of the National Assembly considered the reports of their respective committees on the bill.

The beginning of the bill could be traced to the Oil and Gas Reforms Committee (OGRC) constituted by former President Olusegun Obasanjo's administration. The report of the committee formed parts of the bill which was first introduced to the National Assembly by former President Umar Yar'Adua's administration in 2008.

Mr Yar'Adua had constituted a committee on the implementation of the OGRC report. A subcommittee chaired by Yinka Omorogbe drafted the bill but that particular bill was marred by controversy. Segun Adeniyi, the spokesperson of the late president, detailed some of the controversies that bedevilled the bill in his book: Power, Politics and Death.

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