PIB: Senate commends Buhari, says NASS non-confrontational posture has paid off

The ninth Senate has commended President Muhammadu Buhari for giving his presidential assent to the bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities and For Related Matters, 2020 (SB. 510) otherwise known as the Petroleum Industry Bill (PIB).

Senator representing Osun Central and Chairman Senate Committee on Media and Public Affairs, Basiru Ajibola described the assent by President Muhammadu Buhari to the PIB “as a major victory that has the potential of bailing Nigeria out of its economic predicament and an act that will enable the country to make the most of economic gains of the oil industry for the benefit of Nigerians.”

Senator Ajibola further attributed the success of the assent to the Bill which has now become an Act to the warm relationship between the Parliament and the Presidency.

“The 9th National Assembly finally broke the jinx when it recently passed the Bill after working dispassionately by putting the interest of the Nation first over petty squabbles and other self-interests, thereby laying finally to rest previous failed attempts.”

Talking about the benefits of the law, Senator Basiru said that it will juice up the National Economy by liberalising the Petroleum Sector and that it will the pave way for investors, both local and international to invest in the oil sector with the government on a competitive basis.

President Buhari had on September 2, 2020, forwarded a draft of the bill to both chambers of the National Assembly.

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PIB: Senate commends Buhari, says NASS non-confrontational posture has paid off