The Senate has passed to second reading the Bill for an act to provide legal, governance, regulatory and fiscal frame work for the Nigerian Petroleum Industry, the development of host communities and for related matters.
The deliberation on the Bill began shortly after the leader of the Senate, Senator Yahya Abdullahi read the important provisions of the Bill during the plenary session.
Many senators contributed as the way forward if passed in to law in boosting the Nation’s economy and oil sector in particular.
It would be recalled that the Bill has been in the the National Assembly for about twenty years without passing through the presidential accent.
However, the Executive Arm took it upon itself to refresh the bill and brought it back as an executive bill to the National Assembly for onward legislative action.
Commenting at the end of the session, the President of the Senate, Senator Ahmad Lawan assured Nigerians that the ninth National Assembly is determined to ensure the bill pass through.
He assured proper scrutiny of the bill, calling on the investors accrose the world that the National Assembly is determined to pass it so that the President sign it in to law, saying as a legal body, they are going to regulate it in such way both the Investors and Nigerians will benefit economically.
He reminded Nigerians that no Nation will survive economically without getting enough revenue.
Senator Lawan explained that the joint committee on Oil and Gas, Down and up stream has the capacity to do what is required in making the bill workable.
The Senate therefore adjourned plenary to give members of the Senate the time for the 2021 budget defence till the 24th of November.