The bill passed the stage, and was referred to the committee on petroleum (upstream and downstream) for more legislative work after a brief debate on it.
Leading the debate on the bill, Tayo Alasoadura, a senator from Ondo central and chairman senate committee on petroleum (upstream), said the PIB was first introduced in 2008, but that it was not passed in previous administrations of the national assembly.
He said the objective of the bill was to create efficient institutions, and to promote transparency in the administration of petroleum resources in the country.
Alasoadura said the bill was the first in a series of its kind to reform the petroleum industry, adding that it would cure some of the ills in the sector.
”This bill provides for the unbundling of the NNPC into two independent entities, which are the National Petroleum Company (NPC) and National Asset Management Company,” he said.
“It also provides for the establishment of a single petroleum regulatory commission which will focus mainly on regulating the industry.
“The poor performance of the NNPC is a major concern. The commercialisation of the corporation and its splitting into two entities is for more efficiency and to enhance performance.”
On April 26, the upper legislative chamber ended debate on the bill abruptly, and its consideration was subsequently delayed until Wednesday.
This is the first in a line of bills on the petroleum industry.
Senate President Bukola Saraki said the next part of the bill would focus on the petroleum producing communities.