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Government & Politics

New PIB Will Be Ready Next Week, Saraki Assures Nigeria

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President of the Senate. Abubakar Bukola Saraki, yesterday disclosed that a harmonised version of  the Petroleum Industry Bill (PIB) would be laid before both chambers of the National Assembly ‎next week, even as he assured Nigerians that the bill will be passed soon.

He disclosed that the Senate and House of Representatives had already resolved to do a joint work on the bill.

Saraki, while declaring open the ongoing National Assembly Business Environment Round table which commenced at the Senate yesterday, said: “The National Assembly, the Senate and the House of Representatives are working very closely together. As part of this commitment we would all see next week when we lay down the Petroleum Industry Bill. You will see that the bill we are going to lay in each chamber is the same.’’

LEADERSHIP  learnt that the new version of the PIB is being sponsored by the leadership of both chambers of the National Assembly.

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The Senate President also lamented the harsh economic environment in the country, pointing out that most of the laws regulating the business environment were obsolete.

Contributing to discussions at the event, head of Economic Growth, DFID, Nigeria, Simon Kenny, declared that a major economic problem facing the country was its over reliance on the already dwindling oil revenue.

According to him, the fall in oil price provided the nation an opportunity to diversify its economy resources.  Kenny said:

“If you look at the demands of oil  produced in Nigeria and the low price of oil, and if you divide  that by the vast numbers of people and population of Nigeria, there is only around $200 of oil per capita per year in the country. There is no way even the rising price of oil can raise Nigeria’s economic profile.’’

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