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After a protracted delay, the Nigerian lawmakers have passed the historic, long-awaited Petroleum Industry Bill (PIB) Thursday as both upper and lower chambers formed a consensus.
This development, a historic development followed approval of recommendations of the report of the Senate Joint Committee on Petroleum, (Downstream,) Petroleum (Upstream) and Gas at plenary.
Presenting the report, Chairman of the committee, Sen.Mohammmed Sabo (APC-Jigawa), said the bill consisted of five distinct and logically connected chapters.
Sabo listed the chapters to include governance and institutions, administration, host communities development, petroleum industry fiscal framework and miscellaneous provisions, comprising 319 clauses and eight schedules.
He said the committee carried out its assignment effectively and conducted a public hearing to collate inputs from critical stakeholders and the Nigerian people.
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