The President of the Senate, Bukola Saraki, has described the three new Petroleum Industry Bills (PIB) as a boost to economic growth and a more efficient oil sector that is globally competitive.

Saraki who stated this while declaring open a 3-day public hearing on the Petroleum Industry Bill (PIB), organized by the Senate Joint Committee on the PIB, said the three bills under consideration would have tremendous impact on the economy and investment opportunities when passed into law.

The bills, include the Petroleum Industry Administration Bill 2018, Petroleum Industry Fiscal Bill 2018 and the Petroleum Host and Impacted Communities Bill 2018.

Recall that the Senate recently passed the Petroleum Industry Governance Bill (PIGB) which is now before the Conference Committee of both chambers for harmonization.

The objective of the Petroleum Industry Administration Bill, according to the President of the Senate, is to transform the administration of the upstream, midstream and downstream sectors of the Nigerian petroleum industry.