The Senate on Thursday passed the long awaited Petroleum Industry Bill known as PIB.
The bill was passed during the plenary after careful consideration of each of the clauses.
Before passing the bill, the senate met behind closed doors with the Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari.
The passage of the bill comes exactly 13 years after it was first presented to the National Assembly in 2008.
On 28 September 2020, President Muhammadu Buhari presented the PIB to the National Assembly for reconsideration.
Senate President Ahmed Lawan however added that the bill got the input of both the executive and legislative arms of government.
The bill aims to modernize the petroleum industry and attract more investors into the sector.