ABUJA Feb 21 Nigeria's senate aims to present
an oil governance bill for its third and final reading by the
end of March, a leading senator said on Tuesday, as part of a
series intended to overhaul the oil sector.
The legislation is part of proposed reforms that make up the
sprawling Petroleum Industry Bill (PIB), which has been in
discussion for over a decade and redrafted many times but has
yet to be passed into law.
Its backers say Nigeria's oil sector is in dire need of
change, with power currently concentrated in the state oil
company Nigerian National Petroleum Corporation (NNPC) and the
The overarching bill's latest iteration aims to tackle
everything from an overhaul of the NNPC to taxes on upstream
projects in a sector riddled with corruption.
"We hope to present the (governance) bill for the third and
final reading not later than the end of March 2017," said
Senator Tayo Alasoadura, who coordinates committees handling the
passage of the Petroleum Industry Governance Bill.
Bills need the support of both houses of parliament and the
approval of the President before becoming law.
However, there has been little agreement over the years on
what the oil sector changes should be.
In a draft seen by Reuters, Nigeria aimed to split the NNPC
into multiple parts to help ease a planned stake sale in the
(Reporting by Camillus Eboh; Writing by Paul Carsten; Editing
by Ruth Pitchford)