Nigerian House to pass PIB by Q2 2018

ABUJA, October 24, 2017 – The Nigerian House of Representatives plans to pass the Petroleum Industry Bill (PIB) by July 2018, the chairman of the Petroleum Resources Committee (Downstream) told reporters on Monday.

First drafted in 2007, the PIB has been stuck in the legislative apparatus for the past decade. It has been divided into three parts – governance, fiscal and community – to facilitate passage.

“Our target is the second quarter of 2018,” Representative Akinlaja Joseph said. “We want to pass all three together.”

The country’s hydrocarbons industry is still largely governed and regulated by the Petroleum Act of 1969, which the government has been trying to replace with the PIB. In May 2017, the upper house passed the governance section of the bill.

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