Chairman, House of Representatives Ad-hoc Committee on Petroleum Industry Bill (PIB), Mohammed Monguno has said that the parliament was committed to overhauling the oil and gas sector to give the economy a boost.
He said this would be achieved through the passage of the age-long PIB which scaled through the second reading in the House on Tuesday.
The Bill comprises five chapters which include Governance and Institutions, Administration, Host Communities Development, Petroleum Industry Fiscal Framework, and Miscellaneous Provisions.
It also includes seven Schedules: Right of Pre-Emption; Principles of Negotiating Incorporated Joint Ventures; Domestic Base Price and Pricing Framework; Pricing Formula for Gas Price for the Gas Based; Industries; Capital Allowances; Production Allowances and Cost Price Ratio Limit; and Petroleum Fees, Rents and Royalty.
The Bill seeks to provide for Legal, Governance, Regulatory and Fiscal framework for the Nigerian Petroleum Industry, the Development of Host Communities, and for related matters.
The Bill when passed will improve the clarity of structures, roles, accountability, transparency, and overall efficiency and effectiveness of the institutions in the Oil Industry.
Speaking at the inaugural meeting of the committee yesterday, Monguno urged Nigerians to make inputs to the bill by submitting their memoranda.
He said the House would pass the bill by the end of the first quarter of 2021.