By Ndubuisi Orji, Abuja
The House of Representatives has said that, barring any unforeseen circumstances, the Petroleum Industry Bill (PIB) will be passed before the end of the first quarter of 2021.
The Chairman, House Ad-hoc Committee on the PIB, Tahir Monguno, stated this on Wednesday at the inaugural meeting of the committee.
The PIB, which was transmitted to the House by President Muhammadu Buhari in September, was passed for second reading on Tuesday.
Monguno, who is also the Chief Whip of the House, noted that the House is conscious of the fact that oil is a wasting asset, and as such would expedite action on the passage of the bill to enable the country maximize the potentials in the oil industry.
He expressed regrets that the National Assembly has not been to pass the bill, which was first introduced in 2007.
According to him, ‘commercial exploration (of oil) may only last for another 25 years. It is not to say that we might exhaust the deposit; but that the entire world is focusing on research to develop, renewable energy that could turn out to be cheaper and environmentally friendlier.’