THE PETROLEUM INDUSTRY BILL,WAS PASSED TODAY BY THE HOUSE OF REPRESENTATIVES.

                    Today thursday,the House of Representatives passed the lingering Petroleum Industry Bill {PIB}.The House after considering an Ad hoc committee report on 312 sections and 438 clauses,unanimously passed the bill into law.Chairman of the Ad hoc committee on OIB,Rep.Ishiaku Bawa {PDP Taraba} submitted the report of the committee's assignment to the House in March 2015.The committee had scrutinised the sections and annexure of the original bill and made some amendments and recommendations.The public hearings also conducted by the 23 member Ad hoc committee in all the geo political zones provided opportunities for stakeholders to make their contributions to the bill.The bill which covered salient areas in the petroleum industry,is to ensure the establishment of the Petroleum Equalisation Fund and Incorporation of National Gas Company.Others are the establishment of the Petroleum Directorate and National Asset Management Company,as well as the imposition of new tax regime such as Nigeria Carbon Tax.The committee,in its report ,recommended the removal of section 191 of the bill,which gave the president discretionary powers to grant petroleum licences.Other amended areas includef section 174,which recommended that 30% of Nigerian National Petroleum Corporation {NNPC} shares be sold through public offers at the Nigerian Stock Exchange {NSE}.