The Senate, willon Wednesday December 7, 2016begin a two-day public hearing on the Petroleum Industry Governance Bill (PIB), which has passed the Second Reading stage on Tuesday, November 1, 2016.The PIB governance legislation, which was stalled in successive Assemblies, has reached its farthest stage in 16 years in the current 8th Assembly.The Bill establishes the process for breaking the Nigerian National Petroleum Corporation (NNPC) into two commercial entities which will be limited by shares. The two entities will be known as the National Petroleum Company (NPC) and the National Assets Management Company (NAMC).Once the PIB is passed and signed into law, Nigeria will have the necessary legislative framework that is needed to ensure the creation and sustainability of commercially-oriented and profit-driven entities that make possible value addition and the internationalization of Nigerias petroleum industry.Speaking on the forthcoming public hearing on the PIB, Senate President, Dr. Bukola Saraki, commended his colleagues for keeping their foot on the gas in their quest to pass legislations that would grow Nigerias economy and create jobs.I must say, I am proud to be associated with an institution like the 8th Senate that has backed its words with its actions. When we passed the Senates Economic Legislative Agenda a few months ago, we said that we would make the elusive PIB one of our priorities. By bringing it to the public hearing stage, we have done this.Though we have come this far, we cannot afford to take our foot off the gas. We must ensure that we expedite the work of the Committee after this public hearing, in order to make sure that the PIB is signed, sealed and delivered for the benefit of the Nigerian public early in 2017, Saraki said.The PIB public hearing will be held on Wednesday and Thursday, December 8, 2016 in the Senate New Wing of the National Assembly Complex.The hearings will be conducted by the Senate Committee on Petroleum (Upstream), which is chaired by Senator Tayo Alasoadura (APC, Ondo).A statement from the Senate Presidents Media Office sent to LEADERSHIP on Tuesday also hinted that the Senate is set to also introduce a Host Community legislation to complement the Governance and Institutional Framework Bill in the coming weeks.This Bill is aimed at addressing issues relating to community participation, security, and the ecological debt incurred by host communities from oil extraction, the statement added.
Click here to read full news..
