The House of Representatives Ad Hoc Committee on Petroleum Industry Bill (PIB) has reiterated that Nigeria should utilise the opportunities contained in the bill.
The Chairman of the ad hoc committee and Chief Whip of the House, Mohammed Tahir Monguno, made the call in his opening address at the inaugural sitting of the committee on Wednesday.
Mongumo explained that the journey to pass the PIB commenced in 2007 when it was first introduced on the ﬂoor of the house.
"Every time there's signiﬁcant fluctuations in the price of crude oil all other sectors of our national life suffer.
"The PIB seeks to provide for legal, governance, regulatory and legal framework for the Nigerian petroleum industry, the development of host communities and for related matters.
"The bill, when passed, will improve clarity of structures, accountability, transparency and overall efficiency and effectiveness of the institutions in the oil industry."
Recall that the house, at plenary on Tuesday, November 24, 2020, read the PIB for the second time and referred it to the ad-hoc committee for further legislative action.