The House of Representatives, on Thursday, passed the Petroleum Industry Bill.
The bill was passed 24 hours after the house received a report on it.
The bill scaled the third reading after Mohammed Monguno, chairman of the ad hoc committee on Petroleum Industry Bill (PIB), presented a report and the lawmakers voted on 319 clauses of the bill.
The PIB had spent about 20 years at the national assembly, with the bill being ignored by previous assemblies.
Before the clauses of the bill were considered, Monguno said by passing the bill, the ninth house would have succeeded in enacting important legislation.
According to him, the bill seeks to bring governance issues in the oil and gas sector in tandem with the international best practices.
Monguno said the bill will make the oil and gas industry more transparent and competitive.
Reacting to the development, speaker of the house, Femi Gbajabiamila, described it as a “landmark achievement.”
Gbajabiamila commended the 74 members of the PIB committee and the entire house for a job well done.
“I want to use this opportunity to underscore the point made by Hon. Monguno. It is to underscore how big what this House has just done today is. It has been 20 years in coming,” he said.
“I want to commend the 74 Wisemen, who produced this piece of legislation and who have become the voices of all 360 members.
“This 9th Assembly will be recorded on the right side of history.”
The speaker used the opportunity to restate that even the Electoral Act (amendment) Bill will be passed in the next few days.
The senate is also expected to consider and passed the bill.
The PIB has been the subject of controversies for years because of vested interests by stakeholders in the oil sector.
In 2018, the house of representatives passed a harmonised version the petroleum industry governance bill (PIGB), almost a year after the senate passed the bill,
However, the PIGB was rejected by President Muhammadu Buhari for “legal and constitutional reasons”.