President Muhammadu Buhari on 28 September 2020 presented the Petroleum Industry Bill 2020 (PIB or The Bill) to the National Assembly (NASS) for consideration.
The Bill aims to strengthen the governing institutions, establish a strong regulatory and fiscal framework, ensure transparency and accountability, promote exploration & exploitation of oil resources and foster sustainable development in Nigeria’s oil and gas industry. It may be recalled that the 2018 version of the Bill was split into Petroleum Industry Governance Bill (PIGB), Petroleum Industry Administration Bill (PIAB), Petroleum Industry Fiscal Bill (PIFB) and Petroleum Host Community Bill (PHCB) for ease of review and passage into law.
Only the PIGB was passed by the NASS but it did not receive presidential assent. The PIB 2020 encompasses all matters considered under the erstwhile 2018 version.