The bill was passed by the Senate during the plenary after careful consideration of each of the clauses.
The House of Representatives also passed the Bill for third reading.
The Committee of the Whole considered the clauses of the bill based on the recommendation of the Committee on PIB.
The Senate before passing the bill met behind closed doors with the Minister of State for Petroleum, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation Mele Kyari.
The passage of the bill comes exactly 13 years after it was first presented to the National Assembly in 2008.
On 28 September 2020, President Muhammadu Buhari presented the PIB to the National Assembly for reconsideration.
The Bill seeks to introduce changes to the governance, administrative, regulatory, and fiscal framework of the Nigerian oil and gas industry, in order to ensure transparency, strengthen the governing institutions, and attract investment capital, among other objectives.
Senate President Ahmed Lawan said the Senate expects President Buhari to sign the bill as soon as it is transmitted.
He added that the bill got the input of both the executive and legislative arms of government.
Mohammed Monguno, chairman of the House of Representatives ad hoc committee on PIB presented a report and the lawmakers voted on 319 clauses of the bill.
Monguno said by passing the bill, the ninth house would have succeeded in enacting important legislation.
He added that the bill would make the oil and gas industry more transparent and competitive.
After the bill was passed, the Speaker, Femi Gbajabiamila, commended the lawmakers for “making Nigeria proud”.