The Senate, as well as stakeholders in the petroleum sector, have gathered to witness the passage of the long awaited Petroleum Industry Bill (PIB), at a two-day public hearing which started on December 7, 2016.

The PIB, which has languished for nearly eight years in the National Assembly, with previous assemblies failing to pass the bill, is finally getting another chance in this eighth assembly.

It is being broken down into five parts which lawmakers say would ensure a speedier passage.

According to the Senate President, Bukola Saraki, “the key Objective of the PIB, is to establish a framework for the creation of commercially orientated and profit-driven petroleum entities that ensures value addition.

The NNPC Group Managing Director, Mr Maikainti Baru, also spelt out measures which would eliminate corruption within the system while promoting efficiency and accountability.

Mr Baru, advocated low cost, transparent and efficient administration and creation of lower overhead costs for petroleum companies.

While the NNPC supports the creation of three new entities in the sector, labour unions say they would reject any plan to privatize the oil sector without proper engagement with them.

It is expected that after the senate passes the Petroleum governance and institutional framework of the PIB, it would move to the second part which focuses on fiscal framework and host communities.

This part of the PIB has however been controversial in previous assemblies, as lawmakers disagreed on the modalities for the payment of the host community development fund.