Senate President Ahmad Lawan says the national assembly is working towards passing the petroleum industry bill (PIB) before the end of the year.
He said this while speaking with reporters in Abuja on Monday.
“Whatever the mystery, we are determined to pass the PIB before the end of this year by the grace of God. The PIB is so important because until you are able to pass that bill or bills, which ever happens, you cannot attract investments into the oil and gas industry,” he said.
“In the last 10 years, there have not been any investments in the oil and gas sector in Nigeria.
“That is so important because we have lost so much and if we pass and by the Grace of God, we will, the enormous advantages in catapulting our economy to the level that Nigerians desire.”
In 2018, President Muhammadu Buhari rejected the petroleum industry governance bill (PIGB) passed by the national assembly.
The proposed law, which was conceived to liberalise the governance structure of Nigeria’s oil industry. Buhari had sent back the bill to the national assembly on three grounds.
One, he said the bill, if signed into law, would whittle down his power as minister of petroleum resources.
Two, he said all the ministers he consulted over PIGB refused to support his signing it into law.
Three, the president said he did not see any “fiscal content” of the bill.
In his interaction with reporters on Monday, the senate president also said plans were in place to for the amendment of the electoral act.
However, he did not state the sections of the act that would be amended but under the leadership of Bukola Saraki, attempts to amend the act caused a rift between senators.
Some senators had argued that the change in the proposed change to the sequence of the elections was targeted at President Muhammadu Buhari who had declared his intention to run for another term then.