The Petroleum Industry Bill (PIB) has passed third reading at the house of representatives.
The development comes about 24 hours after the green chamber received the report on the bill.
The bill passed the third reading on Thursday after Mohammed Monguno, chairman of the ad hoc committee on Petroleum Industry Bill (PIB), presented a report and the lawmakers voted on 319 clauses of the bill.
Before the clauses of the bill were considered, Monguno said by passing the bill, the ninth house would have succeeded in enacting important legislation.
He said the bill seeks to bring governance issues in the oil and gas sector in tandem with the international best practices.
Monguno said the bill would make the oil and gas industry more transparent and competitive.
After the lawmakers approved the bill clauses, Femi Gbajabiamila commended his colleagues for their commitment in passing the bill.
He said the lower legislative chamber has made Nigerian proud.
Gbajabimila said the electoral act would be passed in the next couple of days.
The senate is also expected to considered and passed the bill.
The PIB has been the subject of controversies for years because of vested interests by stakeholders in the oil sector.
Since 2008, successive administrations and national assemblies have failed to pass the legislation. In 2018, the house of representatives passed a harmonised version, the petroleum industry governance bill (PIGB) – almost a year after the Senate passed the bill.
However, the PIGB was rejected by President Muhammadu Buhari for “legal and constitutional reasons”.