Ahmad Lawan, President of the Senate declared on Tuesday in Abuja that the demons frustrating
the passage and Presidential Assent to the Petroleum Industry Bill (PIB) within the last 14 years,
will be defeated this year by the 9th National Assembly.
Lawan, who made the declaration, while speaking to journalists on his 62 birthday celebration, said
the patriotic zeal used by the National Assembly in October 2019, to pass the Amendment Bill on
Deep Offshore Oil Production Sharing Contracts, will be deployed for expeditious consideration and
passage of the PIB already before it, latest by the end of first quarter of this year.
“Those against the move in 2019, even threatened to leave the country, but the 9th National Assembly
stood its ground in getting the previously fraudulent Act, amended with passage of the
bill which was assented to, by President Muhammadu Buhari on a Sunday in London.”
He, however, assured the various International Oil Companies (IOCs), working in Nigeria that
the PIB to be passed this year, will not run them out of business.
“The main purpose of PIB which will later become an Act, when passed and assented to, by
President Muhammadu Buhari, is to make the oil sector investments friendly for both local and
foreign investors with attendant economic gains for the country.