The Senate has subjected the three remaining components of the unbundled Petroleum Industry Bill to a public hearing at the National Assembly.

They include the Petroleum Industry Administration Bill; the Petroleum Industry Fiscal Bill and the Petroleum Host and Impacted Communities Bill.

The public hearing is being handled by the Joint Senate Committees on Petroleum Upstream, Downstream and Gas.

In his opening remarks, the Chairman of the Joint Committee, Senator Kabiru marafa said the eventual passage of the bills would ensure transparency in the oil and gas sector.

Declaring the three-day hearing open; the Senate President, Bukola Saraki, said the passage of the bills would increase Nigeria’s competitiveness in the international oil and gas market.

Senator Saraki is also of the hope that the once the bills become operational, Nigeria would become a hub for international investments.

He is also optimistic that the passage of the petroleum bills would give oil producing communities a true sense of belonging in the business.

The Senate President said the current state of affairs in the oil market due to the crises in the Middle East was an opportunity for Nigeria to exploit the investment potentials in the sector.

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You will recall that the first component of the PIB entitled Petroleum Industry Governance Bill, was passed by the National Assembly in March this year.‎