The House of Representatives has just passed the Petroleum Industry Bill (PIB).
This comes after the House Committee of the Whole, on Thursday, considered the report of the Ad hoc Committee on PIB and passed the bill. The report was laid on Wednesday by the Chairman of the Ad hoc Committee, Mohammed Monguno (APC, Borno).
The current version of the PIB is titled, “A Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Community and for Related Matters.”
Among others, the various provisions in the bill seek to scrap the Petroleum Equalisation Fund and the Petroleum Products Pricing Regulatory Agency with a view to replacing them with a new agency to be known as the Nigerian Midstream and Downstream Regulatory Authority, which would be saddled with the responsibility of carrying out technical and commercial regulation of the midstream and upstream petroleum operations in the industry.