The Petroleum Industry Governance Bill (PIGB) was passed by the Senate on Thursday, 25th of May 2007. The bill was designed to check abuse, corruption, bring about the development of the industry as well as check uncertainties in Nigeria’s oil and gas industry. It is yet to be passed by the House of Representatives and assented by the President hence its delay since introduction. However, the bill is scheduled to be presented to President Muhammadu Buhari in the coming days.
A report by KPMG says the bill seeks to establish a framework for the creation of commercially-oriented and profit-
driven petroleum entities, to ensure value addition and internationalization of the petroleum industry, through the creation of efficient and effective governing institutions with clear and separate roles for the petroleum industry.
What you need to know about the bill
- It is the oldest bill in Nigeria’s legislature.
- It has been debated three times in the National Assembly since 2017.
- The bill was introduced to the National Assembly over 16 years ago.
- If it becomes a law, it will repeal all existing oil and gas legislation.
- The bill will set policy, direction, regulate the industry, and manage the assets and interests of the government.
- It will encourage oil companies and investors to invest in Nigeria’s oil.
- The bill will replace the Petroleum Act of 1969.
- In 2015, the bill was broken down into four various segments; Petroleum Industry Governance Bill, Fiscal Regime Bill, Upstream and Midstream Administration Bill, and Host Communities Bill.
- The bill will attract investors, stimulate growth, and increase government revenues.