Nigeria’s parliament aims to pass a long-delayed Petroleum Industry Bill (PIB) to overhaul the oil sector by the end of July, Bukola Saraki, Senate president told Reuters.
The PIB, which aims to improve transparency, attract investors and stimulate growth, has been debated for more than a decade and was broken into sections to help pass it into law.
The PIB was discussed for some 17 years before both houses of parliament passed the governance bill in January. That unprecedented move, following the decision to break up the unwieldy PIB into smaller bills, raised hopes that the other pieces of legislation could be passed soon after.
Nigeria is an OPEC member and Africa’s largest oil producer. Crude sales make up two-thirds of government revenue but the sector’s development has been held back for decades by mismanagement.
Saraki said in an interview, the aim was to ensure all three remaining parts of the legislation were passed by the National Assembly before it went on holiday in July.
“We go on the summer break in July. If we don’t pass it by July, by the time we come back in September it is all going to be elections,” Saraki said, referring to presidential and legislative polls scheduled to take place early next year. He said the break would begin in the third week of July.