Senate begins debate on PIB next week

Nigerian Senate.

Nigerian Senate.

The Senate will next week begin deliberations on the Petroleum Industry (Governance) Bill otherwise known as PIB.

According to the notice paper of the upper chamber of the National Assembly, the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) will also be considered on Wednesday in accordance with the Fiscal Responsibility Act 2007.

The PIB will lead other major issues, which the Senate will focus on in the week as passage of the law forms the crux of the legislative efforts aimed at repositioning the economy.

The bill to be known as Bill for an Act to provide for the Governance and Institutional Framework for the Petroleum Industry and for other related matters, 2016, will be moved for second reading by Senator Tayo Alasoadura, who is chairman of the Committee for Upstream Petroleum sector.

The PIB, which had been in the National Assembly for almost a decade has now been broken into different bills to address various aspects of the oil industry.

The plan, according to Senate President Bukola Saraki, is to ensure that the aspects of the old laws that are not controversial are quickly passed while the other areas that require more consultations will come later.

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