The two chambers of the National Assembly have passed the Petroleum Industry Bill for the second time in thirteen years.
The PIB intends to reform the oil sector and breakup the Nigerian National Petroleum Corporation into smaller business units.
The Eighth National Assembly had passed a modified version the PIB, which it called Petroleum Industry Governance Bill, but President Muhammadu Buhari refused to sign the PIGB into law.
Before latest passage of the PIB by the Senate yesterday, the Deputy President of the Senate, Ovie Omo-Agege, picked holes in some of the provisions.
Senator Omo-Agege, who is from Delta State, kicked against the use of penalties for defaulting companies on gas flaring to fund development of frontier gas basins.
Similarly; the House of Representatives passed the new version of the Petroleum Industry Bill, after lawmakers voted on some amendments.
At the end of the exercise, the House adopted three hundred and eighteen clauses of the bill, which is expected to change the oil and gas in Nigeria.
The Speaker of the House, Femi Gbajabiamila, also assured that the Electoral Act Amendment Bill would be passed in the coming week.