The petroleum industry bill, PIB, has passed a second reading on the floor of the senate.
The Bill which seeks to split the Nigeria National Petroleum Corporation, NNPC, into two independent entities has been 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, OMOTAYO ALASOADURA, a senator from Ondo central and chairman senate committee on petroleum- upstream said the PIB was first introduced in 2008, but was not passed in previous administrations of the national assembly.
ALASOADURA said the objective of the bill was to create efficient institutions to promote transparency in the administration of petroleum resources in the country.
Debating on the bill, Senator JIBRIN BARAU and BARNABAS GEMADE said most oil producing countries have legislations guiding the operations of the Petroleum Industry, arguing that Nigeria is at a disadvantage without the PIB.