PIB may be passed by first quarter of 2021 – Sylva

The Minister of State for Petroleum Resources, Timipreye Sylva has disclosed that the Petroleum Industry Bill (PIB) may be passed into law by the first quarter of 2021.

Sylva explained that he is not saying categorically and conclusively that the PIB will be passed, but going by the pace of work the ministry has seen the National Assembly do, everything being equal, he projects that the PIB will be passed latest by the first quarter of 2021.

In an interview, which he shared via the ministry’s Twitter handle, he said, “PIB is well. But, it is out of the executive’s hand at the moment. The executive completed its own part by drafting the Bill. The ball is now with the National Assembly. The latest information we have is that the draft Bill has already passed the second reading in the Senate. They have sent the draft to the committees.

“The House of Representatives would take up from there and look at it next week. Our expectation is that both Chambers of the National Assembly would go through the committee stages by the first quarter of next year and pass it into law, everything being equal.

“Everything depends on the pace of the legislation process by the National Assembly. If the two chambers pass second readings, and it is just the committees that are left to look at the Bill and hold public hearings, which we believe can happen within the first quarter of next year, the actual passage of the Bill can happen about the same period. We are very optimistic.”

He added that over the years, the petroleum industry has grown more towards the upstream exploration and production sector.

SOURCE: nairametrics.com