Thread by @mrlurvy

The Petroleum Industry Bill is perhaps the most talked about piece of legislation in Nigeria given the far reaching reforms which it proposes to an industry which is the single most significant contributor to the national economy. #PIBIsOverdue

Originally introduced in December 2008, the bill has undergone numerous revisions and has been the subject of intense debate. #PIBIsOverdue

In an attempt to restructure the oil and gas industry, the Oil and Gas Sector Reform Implementation Committee (OGIC) was inaugurated on 24 April 2000 under the chairmanship of Dr. Rilwanu Lukman (then serving as the Presidential Adviser on Petroleum and Energy) #PIBIsOverdue

The OGIC was charged with the task of making recommendations for a far reaching restructuring of Nigeria’s oil and gas industry. #PIBIsOverdue

The recommendations of OGIC included a proposal to separate the commercial institutions within the industry from the regulatory institutions. #PIBIsOverdue

In 2007, the Federal Government of Nigeria introduced the National Oil and Gas Policy and re-constituted OGIC to make recommendations towards the emergence of a new institutional framework to govern the operations of the oil and gas industry..

including the emergence of a new National Oil Company, new regulatory bodies and a new national directorate, for a more effective policy formulation for the industry. #PIBIsOverdue

Further deliberations of OGIC produced the Lukman Report of 2008 which recommended a new regulatory and institutional framework that, when implemented, would guarantee greater transparency and accountability. #PIBIsOverdue

This report formed the basis for the first PIB that was submitted in 2008 as an Executive Bill. #PIBIsOverdue