The House of Representatives on
Thursday passed the controversial
Petroleum Industry Bill (PIB) into law.
In his farewell speech, Senate President
David Mark had quoted the fiasco to
pass the bill as one of the low points of
the leaving senate.
On May 13, the house had started
consideration of its ad hoc committee’s
report on the bill, which has been in the
national assembly since 2008.
One of the seeds of the bill is the
abolishment of the optional power of the
president to grant petroleum licenses.
While, the-clause-by-clause analysis of
the bill was postponed following a string
of observations raised by legislators on
legal technicalities, the process for the
eventual passing of the bill was initiated
ending in its passage.
The 368-page document is contained
312 sections and 438 clauses. Clause
209, which deals with revenue sharing
formula, and clauses 116 and 119 which
deal with the discount of levy on oil
companies, had produced much
controversy, but the PIB was passed in
what seemed to be a hurried process.
After the legislators had given its nod to
the bill, Emeka Ihedioha, deputy
speaker, who chaired over the sitting,
thanked them for a “ job well-done .” He
stated that the passing of the bill was in
the interest of the country and not
political, continuing that it was left for
the Senate to do its own share of
legislative work on it.
It should be noted that recently in
January, David Mark had assured
Nigerians as well as stakeholders in the
oil industry that the PIB would be
passed before the end of the 7th senate,
but his promise was not fulfilled.
Meanwhile, the Nigerian government is
set to hold a crucial meeting with main
oil trades in the country on June 5,
Friday.


http://www.naij.com/453788-house-of-reps-passes-petroleum-bill.html