PIB bill 2021: “Petroleum Industry Bill” 2020 – See wetin Nigeria parliament pass into law

Nigeria lawmakers don approve di long- awaited oil industry bill alias Petroleum Industry Bill.

PIB bill 2021 go ensure ogbonge reform for every aspect of di oil and gas production for di kontri.

Di two chamber pass di bill on Thursday afta clause by clause consideration of di report of di joint committee on Petroleum (Upstream, Downstream and Gas) on PIB.

But gbege bin shele wey dem announce say na only three percent allocation dem give host communities.

Dat na di villages wia dem dey get di oil from, as lawmakers from di area say dem for make am five percent.

Na since 2008 na im dem begin work on di PIB bill till July 1, 2021 wen dem pass am into law.

As far as Nigeria laws dey concerned, di bill no go still be law until di president use im biro sign alias accent wetin di parliament don approve.

Petroleum Industry Bill 2020: Wetin Nigeria parliament approve

Some sabi pipo say na land mark feat wey go allow di kontri maximise im oil moni to cari beta pipo life dem.

Di Senate President, Ahmad Lawan congratulate di lawmakers dem and say di Ninth National Assembly don achieve fundamental legislative agenda.

And dat dem don conquer di demon wey di make am difficult to pass di bill.

Meanwhile di Speaker of di Assembly, Femi Gbajabiamila, say di poassage of di bill na victory at last and dat dem don di wait for di passage of dis bill for 20 years now.

welcomed this “important victory”. “It must be emphasised how important this day is. We have been waiting for this for almost 20 years.

How long di ‘PIB bill’ don dey?

Dem bin submit di bill to di National Assembly first for 2008 and since den dem done debate, re-write am several times

Di delay na sake of di disagreement between di goment and di major oil companies wey dey operate for di west African kontri.

Di difference between executives and di previous leadership of di National Assembly also cause di delay.

Also di sharing formula wey dem go give di host communities be anoda issue too.

Di one sure thing be say dis law aim to provide di legal and fiscal framework for di Nigerian oil and gas industry.

Wit ‘PIB bill 2021’ no more mago-mago by oil companies

Nigeria na Africa top oil producer with 1.9 million barrels wey dem dey export every day.

But corruption, low production and poor infrastructure don affect di operation for di 60 years wey e dey operate.

And dis one no di allow foreign investors into di oil rich kontri.

Nigeria no dey enjoy plenti investment as oil producer sake of high cost of production and inefficiency.

So dis [PIB] bill go give all di oil companies wey dey do business for di kontri ogbonge framework.

And dia taxes and royalties wey dem dey pay go dey clearer.

Now many industry watchers dey wait to see weda President Muhammadu Buhari go sign am into law.